KVYO vs SPY: Correlation
Measured on weekly returns over the past three years, Klaviyo, Inc. Series A (KVYO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KVYO and SPY?
Across a 3-year window, the weekly returns of KVYO and SPY correlate at 0.26, weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.26 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 228.5 %².
Among the 13 assets we track against KVYO, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.5 percentage points (-38.9% for KVYO against +20.6% for SPY). One caveat on sizing: KVYO is 4.2 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.
KVYO vs SPY: side by side
| KVYO (Klaviyo, Inc. Series A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 60.2% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -73.9% | -18.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 653.7 | – |
| 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 | KVYO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +48.5% | +24.9% |
| 2025 | -21.3% | +17.7% |
| 2026 | -39.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KVYO and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KVYO and SPY?
The KVYO/SPY correlation stands at 0.26 on a 3-year window (1 year: -0.04, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for KVYO?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
A reading of 0.26 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: KVYO correlations · SPY correlations
