SPY vs ZETA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zeta Global Holdings Corp. (ZETA) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZETA?
Over the past 3 years, SPY and ZETA moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 480.0 %².
Within SPY's tracked universe of 4755 assets, ZETA comes in at #682 by 3-year correlation. The last year tells two different stories: ZETA led by 31.1 percentage points, +20.6% for SPY against +51.7% for ZETA. Note the risk asymmetry: ZETA runs 5.0 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 ZETA: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZETA (Zeta Global Holdings Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +51.7% |
| 5-year return | +82.4% | +373.7% |
| Volatility (ann.) | 14.5% | 71.9% |
| Beta vs S&P 500 | 1.00 | 2.30 |
| Max drawdown (3Y) | -18.8% | -70.0% |
| Market cap | – | $7.5B |
| 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 |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | ZETA |
|---|---|---|
| 2022 | -18.2% | -3.0% |
| 2023 | +26.2% | +8.0% |
| 2024 | +24.9% | +104.0% |
| 2025 | +17.7% | +13.1% |
| 2026 | +13.7% | +48.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZETA good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ZETA?
The SPY/ZETA correlation stands at 0.46 on a 3-year window (1 year: 0.46, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is ZETA a good diversifier for SPY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-zeta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-zeta/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ZETA correlations
