SPY vs ZTR: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Virtus Total Return Fund Inc. (ZTR) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZTR?
Across a 3-year window, the weekly returns of SPY and ZTR correlate at 0.41, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.41). Stretching to 5 years gives 0.52, with an annualized covariance of 83.6 %².
Among the 4755 assets we track against SPY, ZTR ranks #1101 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +18.0% for ZTR.
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 ZTR: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZTR (Virtus Total Return Fund Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +18.0% |
| 5-year return | +82.4% | +27.0% |
| Volatility (ann.) | 14.5% | 14.0% |
| Beta vs S&P 500 | 1.00 | 0.40 |
| Max drawdown (3Y) | -18.8% | -18.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 5.7 |
| Dividend yield | 1.01% | 8.75% |
| 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 | ZTR |
|---|---|---|
| 2022 | -18.2% | -21.3% |
| 2023 | +26.2% | -3.2% |
| 2024 | +24.9% | +18.3% |
| 2025 | +17.7% | +18.6% |
| 2026 | +13.7% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZTR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and ZTR?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.18 over the last year and 0.52 over 5 years.
Is ZTR a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 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.
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Related comparisons
Hubs: SPY correlations · ZTR correlations
