KSPI vs SBC: Correlation
How closely do Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and SBC Medical Group Holdings Incorporated (SBC) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and SBC?
Over the past 3 years, KSPI and SBC moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1082.5 %².
Among the 13 assets we track against KSPI, SBC sits near the bottom by co-movement, at rank #10. The last year tells two different stories: KSPI led by 20.3 percentage points, +18.6% for KSPI against -1.7% for SBC. One caveat on sizing: SBC is 2.1 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.
KSPI vs SBC: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | SBC (SBC Medical Group Holdings Incorporated) | |
|---|---|---|
| 1-year return | +18.6% | -1.7% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 39.5% | 81.1% |
| Beta vs S&P 500 | 1.08 | 0.56 |
| Max drawdown (3Y) | -48.9% | -82.1% |
| Market cap | $20.0B | $0.4B |
| P/E (trailing) | 9.1 | 8.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | SBC |
|---|---|---|
| 2023 | – | +5.6% |
| 2024 | – | -48.4% |
| 2025 | -17.5% | -22.5% |
| 2026 | +40.4% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and SBC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KSPI and SBC?
The KSPI/SBC correlation stands at 0.32 on a 3-year window (1 year: 0.36, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SBC a good diversifier for KSPI?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kspi-vs-sbc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kspi-vs-sbc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KSPI correlations · SBC correlations
