SPY vs ZBH: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zimmer Biomet (ZBH) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZBH?
Over the past 3 years, SPY and ZBH moved with a correlation of 0.30, which is moderate. Little has changed lately, as the 1-year reading of 0.21 lands near the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 106.6 %².
Within SPY's tracked universe of 4755 assets, ZBH comes in at #2262 by 3-year correlation. The last year tells two different stories: SPY led by 26.5 percentage points, +20.6% for SPY against -5.9% for ZBH. Across three years, the rolling one-year figure varied moderately, from 0.14 to 0.63. Note the risk asymmetry: ZBH runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZBH: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +20.6% | -5.9% |
| 5-year return | +82.4% | -28.6% |
| Volatility (ann.) | 14.5% | 24.9% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -38.8% |
| Market cap | – | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | 1.01% | 0.95% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | SPY | ZBH |
|---|---|---|
| 2022 | -18.2% | +4.2% |
| 2023 | +26.2% | -3.8% |
| 2024 | +24.9% | -12.5% |
| 2025 | +17.7% | -14.0% |
| 2026 | +13.7% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZBH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and ZBH?
As of 2026-08-27, the correlation of weekly returns between SPY and ZBH is 0.30 over 3 years, 0.21 over 1 year and 0.46 over 5 years.
Is ZBH a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-zbh/)
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Related comparisons
Hubs: SPY correlations · ZBH correlations
