KSPI vs VREX: Correlation
Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and Varex Imaging Corporation (VREX) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and VREX?
Over the past 3 years, KSPI and VREX moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1090.8 %².
VREX is one of the assets that tracks KSPI most closely: it ranks #1 out of the 13 assets we track against KSPI. Their recent paths diverged sharply: over the last 12 months VREX outperformed by 42.9 percentage points (+18.6% for KSPI against +61.5% for VREX).
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 VREX: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | VREX (Varex Imaging Corporation) | |
|---|---|---|
| 1-year return | +18.6% | +61.5% |
| 5-year return | n/a | -36.0% |
| Volatility (ann.) | 39.5% | 58.7% |
| Beta vs S&P 500 | 1.08 | 1.91 |
| Max drawdown (3Y) | -48.9% | -67.8% |
| Market cap | $20.0B | $0.8B |
| P/E (trailing) | 9.1 | 34.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KSPI | VREX |
|---|---|---|
| 2022 | – | -35.7% |
| 2023 | – | +1.0% |
| 2024 | – | -28.8% |
| 2025 | -17.5% | -20.2% |
| 2026 | +40.4% | +58.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and VREX good diversifiers for each other?
Reasonably. At 0.45, KSPI and VREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KSPI and VREX?
The KSPI/VREX correlation stands at 0.45 on a 3-year window (1 year: 0.42, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VREX a good diversifier for KSPI?
Reasonably. At 0.45, KSPI and VREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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-vrex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kspi-vs-vrex/)
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Related comparisons
Hubs: KSPI correlations · VREX correlations
