SPY vs ZIM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and ZIM Integrated Shipping Services Ltd. (ZIM) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZIM?
On 3 years of weekly data the SPY/ZIM correlation comes out at 0.26, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. The 5-year figure is 0.29, and annualized covariance runs at 275.6 %².
By 3-year correlation, ZIM places #2690 of the 4755 assets tracked against SPY. The last year tells two different stories: ZIM led by 82.5 percentage points, +20.6% for SPY against +103.1% for ZIM. Note the risk asymmetry: ZIM runs 5.1 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 ZIM: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZIM (ZIM Integrated Shipping Services Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +103.1% |
| 5-year return | +82.4% | +125.1% |
| Volatility (ann.) | 14.5% | 73.9% |
| Beta vs S&P 500 | 1.00 | 1.32 |
| Max drawdown (3Y) | -18.8% | -46.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | 24.1 |
| Dividend yield | 1.01% | 4.31% |
| 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 | ZIM |
|---|---|---|
| 2022 | -18.2% | -52.7% |
| 2023 | +26.2% | -21.1% |
| 2024 | +24.9% | +176.9% |
| 2025 | +17.7% | +25.6% |
| 2026 | +13.7% | +35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZIM good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ZIM?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.23 over the last year and 0.29 over 5 years.
Is ZIM a good diversifier for SPY?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 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-zim.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-zim/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ZIM correlations
