KSPI vs RELY: Correlation
Measured on weekly returns over the past three years, Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and Remitly Global, Inc. (RELY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and RELY?
On 3 years of weekly data the KSPI/RELY correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 858.5 %².
In KSPI's tracked universe of 13 assets, RELY sits right near the top at #3. Correlation aside, the last 12 months split them widely, with RELY ahead by 22.7 points (+18.6% versus +41.3%).
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.
KSPI vs RELY: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | RELY (Remitly Global, Inc.) | |
|---|---|---|
| 1-year return | +18.6% | +41.3% |
| 5-year return | n/a | -46.4% |
| Volatility (ann.) | 39.5% | 52.6% |
| Beta vs S&P 500 | 1.08 | 0.90 |
| Max drawdown (3Y) | -48.9% | -57.9% |
| Market cap | $20.0B | $5.5B |
| P/E (trailing) | 9.1 | 18.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | RELY |
|---|---|---|
| 2022 | – | -44.5% |
| 2023 | – | +69.6% |
| 2024 | – | +16.2% |
| 2025 | -17.5% | -38.9% |
| 2026 | +40.4% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and RELY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KSPI and RELY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.49 over the last year and n/a over 5 years.
Is RELY a good diversifier for KSPI?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kspi-vs-rely.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kspi-vs-rely/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KSPI correlations · RELY correlations
