SPY vs ZSTK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and ZeroStack Corp. (ZSTK) 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 ZSTK?
Over the past 3 years, SPY and ZSTK moved with a correlation of 0.20, which is weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.20). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 438.6 %².
Within SPY's tracked universe of 4755 assets, ZSTK comes in at #3305 by 3-year correlation. The last year tells two different stories: SPY led by 94.0 percentage points, +20.6% for SPY against -73.4% for ZSTK. Risk is not evenly split, since ZSTK carries 10.6 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 ZSTK: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZSTK (ZeroStack Corp.) | |
|---|---|---|
| 1-year return | +20.6% | -73.4% |
| 5-year return | +82.4% | -99.9% |
| Volatility (ann.) | 14.5% | 153.8% |
| Beta vs S&P 500 | 1.00 | 2.10 |
| Max drawdown (3Y) | -18.8% | -99.1% |
| 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 |
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 | ZSTK |
|---|---|---|
| 2022 | -18.2% | -87.2% |
| 2023 | +26.2% | -70.4% |
| 2024 | +24.9% | -23.7% |
| 2025 | +17.7% | -84.4% |
| 2026 | +13.7% | -6.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZSTK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and ZSTK?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.07 over the last year and 0.26 over 5 years.
Is ZSTK a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-zstk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-zstk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · ZSTK correlations
