KSPI vs SPY: Correlation
Measured on weekly returns over the past three years, Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and SPY?
Across a 3-year window, the weekly returns of KSPI and SPY correlate at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 225.6 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against KSPI. Their 12-month results are close: +18.6% for KSPI against +20.6% for SPY. One caveat on sizing: KSPI is 2.7 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 SPY: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 39.5% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -48.9% | -18.8% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | – |
| 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 | KSPI | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -17.5% | +17.7% |
| 2026 | +40.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and SPY good diversifiers for each other?
Reasonably. At 0.39, KSPI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KSPI and SPY?
As of 2026-08-27, the correlation of weekly returns between KSPI and SPY is 0.39 over 3 years, 0.43 over 1 year and n/a over 5 years.
Is SPY a good diversifier for KSPI?
Reasonably. At 0.39, KSPI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: KSPI correlations · SPY correlations
