KWY vs SPY: Correlation
How closely do Kingsway Corporation (KWY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWY and SPY?
On 3 years of weekly data the KWY/SPY correlation comes out at 0.35, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.35 over 3 years. The 5-year figure is 0.22, and annualized covariance runs at 188.4 %².
SPY is close to the least connected end of KWY's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 49.9 percentage points (-29.3% for KWY against +20.6% for SPY). Risk is not evenly split, since KWY carries 2.6 times the volatility of the other side.
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.
KWY vs SPY: side by side
| KWY (Kingsway Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.3% | +20.6% |
| 5-year return | +80.2% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -48.0% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| 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 | KWY | SPY |
|---|---|---|
| 2022 | +44.7% | -18.2% |
| 2023 | +5.9% | +26.2% |
| 2024 | -0.4% | +24.9% |
| 2025 | +60.7% | +17.7% |
| 2026 | -25.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWY and SPY good diversifiers for each other?
Reasonably. At 0.35, KWY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KWY and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.47 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for KWY?
Reasonably. At 0.35, KWY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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: KWY correlations · SPY correlations
