SPY vs ZDGE: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zedge, Inc. (ZDGE) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZDGE?
Across a 3-year window, the weekly returns of SPY and ZDGE correlate at 0.17, weak. The past 12 months show a weaker link (0.05) than the 3-year average (0.17). Stretching to 5 years gives 0.22, with an annualized covariance of 189.9 %².
By 3-year correlation, ZDGE places #3578 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.6 percentage points (+20.6% for SPY against -3.0% for ZDGE). One caveat on sizing: ZDGE is 5.3 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 ZDGE: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZDGE (Zedge, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -3.0% |
| 5-year return | +82.4% | -81.5% |
| Volatility (ann.) | 14.5% | 76.8% |
| Beta vs S&P 500 | 1.00 | 0.91 |
| Max drawdown (3Y) | -18.8% | -61.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 1.77% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | ZDGE |
|---|---|---|
| 2022 | -18.2% | -79.3% |
| 2023 | +26.2% | +33.5% |
| 2024 | +24.9% | +14.5% |
| 2025 | +17.7% | +22.5% |
| 2026 | +13.7% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZDGE good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and ZDGE?
As of 2026-08-27, the correlation of weekly returns between SPY and ZDGE is 0.17 over 3 years, 0.05 over 1 year and 0.22 over 5 years.
Is ZDGE a good diversifier for SPY?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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-zdge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zdge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ZDGE correlations
