SPY vs ZG: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zillow Group, Inc. (ZG) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZG?
Across a 3-year window, the weekly returns of SPY and ZG correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.45, with an annualized covariance of 268.4 %².
Among the 4755 assets we track against SPY, ZG ranks #1197 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 76.1 percentage points (+20.6% for SPY against -55.5% for ZG). Risk is not evenly split, since ZG carries 3.2 times the volatility of the other side.
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 ZG: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -55.5% |
| 5-year return | +82.4% | -62.1% |
| Volatility (ann.) | 14.5% | 46.8% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -66.4% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 158.0 |
| 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 | ZG |
|---|---|---|
| 2022 | -18.2% | -49.8% |
| 2023 | +26.2% | +81.7% |
| 2024 | +24.9% | +24.9% |
| 2025 | +17.7% | -3.7% |
| 2026 | +13.7% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and ZG?
As of 2026-08-27, the correlation of weekly returns between SPY and ZG is 0.40 over 3 years, 0.34 over 1 year and 0.45 over 5 years.
Is ZG a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
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Related comparisons
Hubs: SPY correlations · ZG correlations
