Kelly Betting: Spread vs. Moneyline

[hedgie43]

Let's say I have 2 bets that are on the same game and are correlated. One is ATS and one is SU. The ATS is -110 and has an edge of 2% and the other is +450 and has an edge of 8%. Betting full kelly on both does not seem optimal as the bets are correlated. My gut instinct is that you should bet both, at somewhere near between 1/2 and 3/4 kelly but I would prefer a more exact answer here. Is there some type of way to calculate this based on the degree of correlation?