SPY vs ZION: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZION?
Over the past 3 years, SPY and ZION moved with a correlation of 0.52, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.52). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 268.8 %².
Within SPY's tracked universe of 4755 assets, ZION comes in at #407 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +20.7%. Note the risk asymmetry: ZION runs 2.4 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 ZION: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +20.6% | +20.7% |
| 5-year return | +82.4% | +41.1% |
| Volatility (ann.) | 14.5% | 35.5% |
| Beta vs S&P 500 | 1.00 | 1.29 |
| Max drawdown (3Y) | -18.8% | -32.4% |
| Market cap | – | $9.9B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 1.01% | 2.63% |
| 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 | ZION |
|---|---|---|
| 2022 | -18.2% | -20.0% |
| 2023 | +26.2% | -6.3% |
| 2024 | +24.9% | +28.2% |
| 2025 | +17.7% | +11.6% |
| 2026 | +13.7% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZION good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and ZION?
The SPY/ZION correlation stands at 0.52 on a 3-year window (1 year: 0.28, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for SPY?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · ZION correlations
