SPY vs ZM: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zoom Communications, Inc. (ZM) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZM?
Across a 3-year window, the weekly returns of SPY and ZM correlate at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 200.0 %².
Within SPY's tracked universe of 4755 assets, ZM comes in at #1295 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +23.9% for ZM. Note the risk asymmetry: ZM 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 ZM: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZM (Zoom Communications, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +23.9% |
| 5-year return | +82.4% | -71.1% |
| Volatility (ann.) | 14.5% | 35.5% |
| Beta vs S&P 500 | 1.00 | 0.96 |
| Max drawdown (3Y) | -18.8% | -25.9% |
| Market cap | – | $29.3B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 1.01% | 0.00% |
| 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 | ZM |
|---|---|---|
| 2022 | -18.2% | -63.2% |
| 2023 | +26.2% | +6.2% |
| 2024 | +24.9% | +13.5% |
| 2025 | +17.7% | +5.7% |
| 2026 | +13.7% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZM good diversifiers for each other?
Reasonably. At 0.39, SPY and ZM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZM?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.34 over the last year and 0.52 over 5 years.
Is ZM a good diversifier for SPY?
Reasonably. At 0.39, SPY and ZM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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-zm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-zm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ZM correlations
