SPY vs ZBRA: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zebra Technologies (ZBRA) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZBRA?
Across a 3-year window, the weekly returns of SPY and ZBRA correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.54 over 3 years. Stretching to 5 years gives 0.64, with an annualized covariance of 321.0 %².
By 3-year correlation, ZBRA places #328 of the 4755 assets tracked against SPY. The trailing year gives SPY the advantage: +20.6% versus +12.3%, a 8.3-point spread. Across three years, the rolling one-year figure varied moderately, from 0.31 to 0.79. Note the risk asymmetry: ZBRA runs 2.8 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 ZBRA: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +20.6% | +12.3% |
| 5-year return | +82.4% | -38.2% |
| Volatility (ann.) | 14.5% | 40.8% |
| Beta vs S&P 500 | 1.00 | 1.54 |
| Max drawdown (3Y) | -18.8% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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 | ZBRA |
|---|---|---|
| 2022 | -18.2% | -56.9% |
| 2023 | +26.2% | +6.6% |
| 2024 | +24.9% | +41.3% |
| 2025 | +17.7% | -37.1% |
| 2026 | +13.7% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZBRA good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and ZBRA?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.43 over the last year and 0.64 over 5 years.
Is ZBRA a good diversifier for SPY?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ZBRA correlations
