SPY vs ZTEK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zentek Ltd. (ZTEK) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZTEK?
Across a 3-year window, the weekly returns of SPY and ZTEK correlate at 0.11, weak. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.22, with an annualized covariance of 132.5 %².
By 3-year correlation, ZTEK places #4056 of the 4755 assets tracked against SPY. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 38.2 percentage points (+20.6% for SPY against -17.6% for ZTEK). One caveat on sizing: ZTEK is 5.5 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 ZTEK: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZTEK (Zentek Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | -17.6% |
| 5-year return | +82.4% | -78.0% |
| Volatility (ann.) | 14.5% | 80.4% |
| Beta vs S&P 500 | 1.00 | 0.63 |
| Max drawdown (3Y) | -18.8% | -79.2% |
| 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, 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 | ZTEK |
|---|---|---|
| 2022 | -18.2% | -60.1% |
| 2023 | +26.2% | -30.3% |
| 2024 | +24.9% | -13.0% |
| 2025 | +17.7% | -31.9% |
| 2026 | +13.7% | -12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZTEK good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and ZTEK?
As of 2026-08-27, the correlation of weekly returns between SPY and ZTEK is 0.11 over 3 years, 0.14 over 1 year and 0.22 over 5 years.
Is ZTEK a good diversifier for SPY?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-ztek.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-ztek/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · ZTEK correlations
