SPY vs ZNB: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zeta Network Group - Class A (ZNB) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZNB?
Over the past 3 years, SPY and ZNB moved with a correlation of 0.20, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.41 versus 0.20 over 3 years. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 472.8 %².
Within SPY's tracked universe of 4755 assets, ZNB comes in at #3304 by 3-year correlation. The last year tells two different stories: SPY led by 120.5 percentage points, +20.6% for SPY against -99.9% for ZNB. Note the risk asymmetry: ZNB runs 11.4 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 ZNB: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZNB (Zeta Network Group - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -99.9% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 165.3% |
| Beta vs S&P 500 | 1.00 | 2.26 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | ZNB |
|---|---|---|
| 2022 | -18.2% | -95.4% |
| 2023 | +26.2% | -59.3% |
| 2024 | +24.9% | -93.6% |
| 2025 | +17.7% | -99.0% |
| 2026 | +13.7% | -99.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZNB good diversifiers for each other?
Reasonably. At 0.20, SPY and ZNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZNB?
As of 2026-08-27, the correlation of weekly returns between SPY and ZNB is 0.20 over 3 years, 0.41 over 1 year and 0.17 over 5 years.
Is ZNB a good diversifier for SPY?
Reasonably. At 0.20, SPY and ZNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 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.
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Related comparisons
Hubs: SPY correlations · ZNB correlations
