SPY vs ZNTL: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zentalis Pharmaceuticals, Inc. (ZNTL) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZNTL?
On 3 years of weekly data the SPY/ZNTL correlation comes out at 0.25, weak. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 588.6 %².
Among the 4755 assets we track against SPY, ZNTL ranks #2788 by 3-year correlation. The last year tells two different stories: ZNTL led by 92.6 percentage points, +20.6% for SPY against +113.2% for ZNTL. One caveat on sizing: ZNTL is 11.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 ZNTL: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZNTL (Zentalis Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +113.2% |
| 5-year return | +82.4% | -94.1% |
| Volatility (ann.) | 14.5% | 159.7% |
| Beta vs S&P 500 | 1.00 | 2.82 |
| Max drawdown (3Y) | -18.8% | -96.2% |
| Market cap | – | $0.4B |
| 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 | ZNTL |
|---|---|---|
| 2022 | -18.2% | -76.0% |
| 2023 | +26.2% | -24.8% |
| 2024 | +24.9% | -80.0% |
| 2025 | +17.7% | -55.4% |
| 2026 | +13.7% | +187.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZNTL good diversifiers for each other?
Reasonably. At 0.25, SPY and ZNTL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZNTL?
As of 2026-08-27, the correlation of weekly returns between SPY and ZNTL is 0.25 over 3 years, 0.25 over 1 year and 0.26 over 5 years.
Is ZNTL a good diversifier for SPY?
Reasonably. At 0.25, SPY and ZNTL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · ZNTL correlations
