KSPI vs SPYV: Correlation
Measured on weekly returns over the past three years, Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and SPDR Portfolio S&P 500 Value ETF (SPYV) 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 SPYV?
On 3 years of weekly data the KSPI/SPYV correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 196.7 %².
By 3-year correlation, SPYV places #4 of the 13 assets tracked against KSPI. Twelve-month performance is nearly a tie, at +18.6% for KSPI and +18.5% for SPYV. One caveat on sizing: KSPI is 3.3 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 SPYV: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +18.6% | +18.5% |
| 5-year return | n/a | +73.5% |
| Volatility (ann.) | 39.5% | 12.1% |
| Beta vs S&P 500 | 1.08 | 0.70 |
| Max drawdown (3Y) | -48.9% | -17.5% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | KSPI | SPYV |
|---|---|---|
| 2022 | – | -5.3% |
| 2023 | – | +22.2% |
| 2024 | – | +12.2% |
| 2025 | -17.5% | +13.2% |
| 2026 | +40.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and SPYV 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 SPYV?
The KSPI/SPYV correlation stands at 0.42 on a 3-year window (1 year: 0.43, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPYV 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?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kspi-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kspi-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KSPI correlations · SPYV correlations
