KSPI vs USA: Correlation
How closely do Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and Liberty All-Star Equity Fund (USA) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and USA?
Over the past 3 years, KSPI and USA moved with a correlation of 0.42, which is moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.42). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 238.8 %².
Among the 13 assets we track against KSPI, USA ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KSPI ahead by 17.0 points (+18.6% versus +1.6%). Note the risk asymmetry: KSPI runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 USA: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | +18.6% | +1.6% |
| 5-year return | n/a | +18.1% |
| Volatility (ann.) | 39.5% | 15.2% |
| Beta vs S&P 500 | 1.08 | 0.89 |
| Max drawdown (3Y) | -48.9% | -17.7% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | 10.7 |
| Dividend yield | 0.00% | 11.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | USA |
|---|---|---|
| 2022 | – | -25.2% |
| 2023 | – | +23.2% |
| 2024 | – | +20.8% |
| 2025 | -17.5% | +0.1% |
| 2026 | +40.4% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and USA 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 USA?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.55 over the last year and n/a over 5 years.
Is USA 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.
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Related comparisons
Hubs: KSPI correlations · USA correlations
