SPY vs ZEO: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zeo Energy Corporation (ZEO) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZEO?
Across a 3-year window, the weekly returns of SPY and ZEO correlate at 0.12, weak. The link has tightened recently: the 1-year correlation (0.41) runs above the 3-year figure (0.12). Stretching to 5 years gives 0.08, with an annualized covariance of 228.9 %².
Within SPY's tracked universe of 4755 assets, ZEO comes in at #3979 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 102.3 percentage points (+20.6% for SPY against -81.7% for ZEO). One caveat on sizing: ZEO is 9.0 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 ZEO: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZEO (Zeo Energy Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -81.7% |
| 5-year return | +82.4% | -96.8% |
| Volatility (ann.) | 14.5% | 130.0% |
| Beta vs S&P 500 | 1.00 | 1.10 |
| Max drawdown (3Y) | -18.8% | -97.4% |
| 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 | ZEO |
|---|---|---|
| 2022 | -18.2% | +4.2% |
| 2023 | +26.2% | +8.9% |
| 2024 | +24.9% | -69.5% |
| 2025 | +17.7% | -68.2% |
| 2026 | +13.7% | -70.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZEO good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and ZEO?
As of 2026-08-27, the correlation of weekly returns between SPY and ZEO is 0.12 over 3 years, 0.41 over 1 year and 0.08 over 5 years.
Is ZEO a good diversifier for SPY?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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-zeo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-zeo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ZEO correlations
