SPY vs SRZN: Correlation
SPDR S&P 500 ETF Trust (SPY) and Surrozen, Inc. (SRZN) show a near-zero relationship: their 3-year correlation of weekly returns is 0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRZN?
On 3 years of weekly data the SPY/SRZN correlation comes out at 0.02, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.20) than the 3-year average (0.02). The 5-year figure is 0.07, and annualized covariance runs at 30.0 %².
Among the 4755 assets we track against SPY, SRZN ranks #4538 by 3-year correlation. The last year tells two different stories: SRZN led by 90.0 percentage points, +20.6% for SPY against +110.6% for SRZN. One caveat on sizing: SRZN is 5.9 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.
SPY vs SRZN: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRZN (Surrozen, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +110.6% |
| 5-year return | +82.4% | -80.6% |
| Volatility (ann.) | 14.5% | 85.6% |
| Beta vs S&P 500 | 1.00 | 0.14 |
| Max drawdown (3Y) | -18.8% | -61.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SRZN |
|---|---|---|
| 2022 | -18.2% | -91.0% |
| 2023 | +26.2% | +7.7% |
| 2024 | +24.9% | +52.7% |
| 2025 | +17.7% | +57.5% |
| 2026 | +13.7% | +6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SRZN good diversifiers for each other?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and SRZN?
The SPY/SRZN correlation stands at 0.02 on a 3-year window (1 year: 0.20, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is SRZN a good diversifier for SPY?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
What does a correlation of 0.02 mean?
A reading of 0.02 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: SPY correlations · SRZN correlations
