SPY vs ZBAO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zhibao Technology Inc. - Class A (ZBAO) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZBAO?
On 3 years of weekly data the SPY/ZBAO correlation comes out at 0.21, weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 265.4 %².
By 3-year correlation, ZBAO places #3204 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 103.4 points (+20.6% versus -82.8%). One caveat on sizing: ZBAO 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 ZBAO: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZBAO (Zhibao Technology Inc. - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -82.8% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 85.1% |
| Beta vs S&P 500 | 1.00 | 1.27 |
| Max drawdown (3Y) | -18.8% | -96.6% |
| Market cap | – | – |
| 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 | ZBAO |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -42.6% |
| 2026 | +13.7% | -80.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZBAO good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ZBAO?
As of 2026-08-27, the correlation of weekly returns between SPY and ZBAO is 0.21 over 3 years, 0.17 over 1 year and n/a over 5 years.
Is ZBAO a good diversifier for SPY?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 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: SPY correlations · ZBAO correlations
