KVUE vs SPY: Correlation
Measured on weekly returns over the past three years, Kenvue (KVUE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KVUE and SPY?
Across a 3-year window, the weekly returns of KVUE and SPY correlate at 0.08, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.16) than the 3-year average (0.08). Stretching to 5 years gives n/a, with an annualized covariance of 33.3 %².
Within KVUE's tracked universe of 34 assets, SPY comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.6 percentage points (-3.0% for KVUE against +20.6% for SPY). This link changes with the market regime, having swung between -0.15 and 0.42 on a rolling one-year basis. One caveat on sizing: KVUE is 1.9 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.
KVUE vs SPY: side by side
| KVUE (Kenvue) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.0% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -41.2% | -18.8% |
| Market cap | $36.9B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 4.32% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | KVUE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +3.1% | +24.9% |
| 2025 | -15.9% | +17.7% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is KVUE itself, so the fund partly moves with the stock by construction.
Are KVUE and SPY good diversifiers for each other?
Yes. With a correlation of 0.08, KVUE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KVUE and SPY?
As of 2026-08-27, the correlation of weekly returns between KVUE and SPY is 0.08 over 3 years, -0.16 over 1 year and n/a over 5 years.
Is SPY a good diversifier for KVUE?
Yes. With a correlation of 0.08, KVUE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: KVUE correlations · SPY correlations
