SPY vs Z: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zillow Group, Inc. - Class C Capital Stock (Z) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and Z?
Across a 3-year window, the weekly returns of SPY and Z correlate at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 270.7 %².
By 3-year correlation, Z places #1100 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 78.5 percentage points, +20.6% for SPY against -57.9% for Z. One caveat on sizing: Z is 3.2 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 Z: side by side
| SPY (SPDR S&P 500 ETF Trust) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | +20.6% | -57.9% |
| 5-year return | +82.4% | -63.1% |
| Volatility (ann.) | 14.5% | 46.2% |
| Beta vs S&P 500 | 1.00 | 1.30 |
| Max drawdown (3Y) | -18.8% | -67.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 154.0 |
| 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 | Z |
|---|---|---|
| 2022 | -18.2% | -49.6% |
| 2023 | +26.2% | +79.6% |
| 2024 | +24.9% | +28.0% |
| 2025 | +17.7% | -7.9% |
| 2026 | +13.7% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and Z good diversifiers for each other?
Reasonably. At 0.41, SPY and Z keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and Z?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.36 over the last year and 0.45 over 5 years.
Is Z a good diversifier for SPY?
Reasonably. At 0.41, SPY and Z keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-z.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-z/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · Z correlations
