SPY vs ZONE: Correlation
SPDR S&P 500 ETF Trust (SPY) and CleanCore Solutions Inc. (ZONE) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZONE?
On 3 years of weekly data the SPY/ZONE correlation comes out at 0.09, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 195.9 %².
By 3-year correlation, ZONE places #4186 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 118.3 percentage points, +20.6% for SPY against -97.7% for ZONE. Risk is not evenly split, since ZONE carries 10.3 times the volatility of the other side.
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 ZONE: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZONE (CleanCore Solutions Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -97.7% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 149.2% |
| Beta vs S&P 500 | 1.00 | 0.94 |
| Max drawdown (3Y) | -18.8% | -97.9% |
| 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 |
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 | ZONE |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -79.8% |
| 2026 | +13.7% | -43.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZONE good diversifiers for each other?
Yes. With a correlation of 0.09, SPY and ZONE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and ZONE?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with 0.08 over the last year and n/a over 5 years.
Is ZONE a good diversifier for SPY?
Yes. With a correlation of 0.09, SPY and ZONE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 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-zone.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-zone/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · ZONE correlations
