BZ vs SPY: Correlation
KANZHUN LIMITED - American Depository Shares (BZ) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BZ and SPY?
On 3 years of weekly data the BZ/SPY correlation comes out at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 251.2 %².
Among the 17 assets we track against BZ, SPY ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 41.3 percentage points (-20.7% for BZ against +20.6% for SPY). Risk is not evenly split, since BZ carries 3.4 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.
BZ vs SPY: side by side
| BZ (KANZHUN LIMITED - American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.7% | +20.6% |
| 5-year return | -47.9% | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -51.6% | -18.8% |
| Market cap | $8.0B | – |
| P/E (trailing) | 12.9 | – |
| 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 | BZ | SPY |
|---|---|---|
| 2022 | -41.6% | -18.2% |
| 2023 | -17.5% | +26.2% |
| 2024 | -16.9% | +24.9% |
| 2025 | +48.7% | +17.7% |
| 2026 | -11.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BZ and SPY good diversifiers for each other?
Reasonably. At 0.35, BZ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BZ and SPY?
As of 2026-08-27, the correlation of weekly returns between BZ and SPY is 0.35 over 3 years, 0.38 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for BZ?
Reasonably. At 0.35, BZ 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: BZ correlations · SPY correlations
