KRYS vs SPY: Correlation
How closely do Krystal Biotech, Inc. (KRYS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRYS and SPY?
On 3 years of weekly data the KRYS/SPY correlation comes out at 0.22, weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 160.9 %².
Among the 18 assets we track against KRYS, SPY ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KRYS outperformed by 121.5 percentage points (+142.1% for KRYS against +20.6% for SPY). One caveat on sizing: KRYS is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
KRYS vs SPY: side by side
| KRYS (Krystal Biotech, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +142.1% | +20.6% |
| 5-year return | +523.2% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -42.3% | -18.8% |
| Market cap | $10.6B | – |
| P/E (trailing) | 44.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | KRYS | SPY |
|---|---|---|
| 2022 | +13.3% | -18.2% |
| 2023 | +56.6% | +26.2% |
| 2024 | +26.3% | +24.9% |
| 2025 | +57.4% | +17.7% |
| 2026 | +45.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRYS and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KRYS and SPY?
The KRYS/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.24, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KRYS?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: KRYS correlations · SPY correlations
