SPY vs ZTS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZTS?
On 3 years of weekly data the SPY/ZTS correlation comes out at 0.24, weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.24). The 5-year figure is 0.43, and annualized covariance runs at 105.6 %².
Among the 4755 assets we track against SPY, ZTS ranks #2898 by 3-year correlation. The last year tells two different stories: SPY led by 71.4 percentage points, +20.6% for SPY against -50.8% for ZTS. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.12 to 0.65. Risk is not evenly split, since ZTS carries 2.1 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 ZTS: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | +20.6% | -50.8% |
| 5-year return | +82.4% | -61.5% |
| Volatility (ann.) | 14.5% | 30.1% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -63.0% |
| Market cap | – | $31.0B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 1.01% | 2.66% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | ZTS |
|---|---|---|
| 2022 | -18.2% | -39.5% |
| 2023 | +26.2% | +35.9% |
| 2024 | +24.9% | -16.6% |
| 2025 | +17.7% | -21.8% |
| 2026 | +13.7% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZTS good diversifiers for each other?
Reasonably. At 0.24, SPY and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZTS?
The SPY/ZTS correlation stands at 0.24 on a 3-year window (1 year: 0.08, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for SPY?
Reasonably. At 0.24, SPY and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zts/)
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Related comparisons
Hubs: SPY correlations · ZTS correlations
