SPY vs ZIP: Correlation
SPDR S&P 500 ETF Trust (SPY) and ZipRecruiter, Inc. (ZIP) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZIP?
Across a 3-year window, the weekly returns of SPY and ZIP correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 415.0 %².
Within SPY's tracked universe of 4755 assets, ZIP comes in at #1407 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.6 percentage points (+20.6% for SPY against -15.0% for ZIP). Note the risk asymmetry: ZIP runs 5.3 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 ZIP: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZIP (ZipRecruiter, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -15.0% |
| 5-year return | +82.4% | -82.4% |
| Volatility (ann.) | 14.5% | 76.2% |
| Beta vs S&P 500 | 1.00 | 1.99 |
| Max drawdown (3Y) | -18.8% | -89.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 13.0 |
| 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 | ZIP |
|---|---|---|
| 2022 | -18.2% | -34.2% |
| 2023 | +26.2% | -15.3% |
| 2024 | +24.9% | -47.9% |
| 2025 | +17.7% | -46.1% |
| 2026 | +13.7% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZIP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and ZIP?
The SPY/ZIP correlation stands at 0.38 on a 3-year window (1 year: 0.34, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is ZIP a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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-zip.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-zip/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · ZIP correlations
