KGS vs. SPY

Last updated Jun 3, 2026

KGS (Kodiak Gas Services Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past year, KGS returned 95.37% vs 29.62% for SPY. At a 0.27 correlation, their price movements are largely independent.

Performance

KGS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kodiak Gas Services Inc. (KGS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGS achieves a 82.64% return, which is significantly higher than SPY's 11.69% return.

KGS

• 1D: 2.94%
• 1M: -1.31%
• YTD: 82.64%
• 6M: 97.53%
• 1Y: 95.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KGS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KGS Kodiak Gas Services Inc.	82.64%	-3.73%	115.21%	30.79%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	9.32%

Correlation

The correlation between KGS and SPY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.27

Return for Risk

KGS vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KGS

KGS Risk / Return Rank: 92
KGS Sharpe Ratio Rank: 93
KGS Sortino Ratio Rank: 91
KGS Omega Ratio Rank: 89
KGS Calmar Ratio Rank: 93
KGS Martin Ratio Rank: 93

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KGS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kodiak Gas Services Inc. (KGS) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	KGS	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.52	+0.22
Sortino ratio Return per unit of downside risk	3.34	3.42	-0.07
Omega ratio Gain probability vs. loss probability	1.42	1.46	-0.03
Calmar ratio Return relative to maximum drawdown	6.20	3.42	+2.79
Martin ratio Return relative to average drawdown	15.35	15.93	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGS vs. SPY - Sharpe Ratio Comparison

The current KGS Sharpe Ratio is 2.74, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of KGS and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KGS	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.52	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.59	+1.35

Drawdowns

KGS vs. SPY - Drawdown Comparison

The maximum KGS drawdown since its inception was -38.57%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for KGS and SPY.

Drawdown Indicators

	KGS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.57%	-55.19%	+16.62%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-8.88%	-7.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-11.46%	0.00%	-11.46%
Average Drawdown Average peak-to-trough decline	-11.45%	-9.05%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.44%	1.91%	+4.53%

Volatility

KGS vs. SPY - Volatility Comparison

Kodiak Gas Services Inc. (KGS) has a higher volatility of 13.36% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that KGS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.36%	2.75%	+10.61%
Volatility (6M) Calculated over the trailing 6-month period	25.12%	8.89%	+16.23%
Volatility (1Y) Calculated over the trailing 1-year period	34.97%	11.81%	+23.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.91%	17.05%	+20.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.91%	17.94%	+19.97%

Dividends

KGS vs. SPY - Dividend Comparison

KGS's dividend yield for the trailing twelve months is around 2.86%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGS Kodiak Gas Services Inc.	2.86%	4.81%	3.87%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both KGS and SPY in my portfolio?

KGS and SPY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGS or SPY?

KGS has higher volatility (13.36%) compared to SPY (2.75%). In terms of maximum drawdown, KGS dropped -38.57% vs SPY's -55.19%.

Which has better risk-adjusted returns?

KGS currently has the higher Sharpe Ratio (2.74 vs 2.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.