SPY vs ZOOZ: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and ZOOZ Strategy Ltd. (ZOOZ) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZOOZ?
Over the past 3 years, SPY and ZOOZ moved with a correlation of 0.17, which is weak. The link has tightened recently: the 1-year correlation (0.28) runs above the 3-year figure (0.17). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 383.3 %².
Among the 4755 assets we track against SPY, ZOOZ ranks #3579 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 99.5 points (+20.6% versus -78.9%). Risk is not evenly split, since ZOOZ carries 10.2 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 ZOOZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZOOZ (ZOOZ Strategy Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | -78.9% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 147.3% |
| Beta vs S&P 500 | 1.00 | 1.83 |
| Max drawdown (3Y) | -18.8% | -93.9% |
| Market cap | – | $0.1B |
| 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 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 | ZOOZ |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -82.1% |
| 2026 | +13.7% | -22.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZOOZ good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and ZOOZ?
The SPY/ZOOZ correlation stands at 0.17 on a 3-year window (1 year: 0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is ZOOZ a good diversifier for SPY?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
A reading of 0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-zooz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zooz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ZOOZ correlations
