SPY vs ZUMZ: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zumiez Inc. (ZUMZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZUMZ?
Across a 3-year window, the weekly returns of SPY and ZUMZ correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 251.4 %².
Among the 4755 assets we track against SPY, ZUMZ ranks #1718 by 3-year correlation. The last year tells two different stories: SPY led by 23.9 percentage points, +20.6% for SPY against -3.3% for ZUMZ. Risk is not evenly split, since ZUMZ carries 3.5 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 ZUMZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZUMZ (Zumiez Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -3.3% |
| 5-year return | +82.4% | -57.5% |
| Volatility (ann.) | 14.5% | 50.2% |
| Beta vs S&P 500 | 1.00 | 1.20 |
| Max drawdown (3Y) | -18.8% | -60.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 24.5 |
| 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 | ZUMZ |
|---|---|---|
| 2022 | -18.2% | -54.7% |
| 2023 | +26.2% | -6.4% |
| 2024 | +24.9% | -5.8% |
| 2025 | +17.7% | +35.9% |
| 2026 | +13.7% | -32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZUMZ good diversifiers for each other?
Reasonably. At 0.35, SPY and ZUMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZUMZ?
As of 2026-08-27, the correlation of weekly returns between SPY and ZUMZ is 0.35 over 3 years, 0.39 over 1 year and 0.41 over 5 years.
Is ZUMZ a good diversifier for SPY?
Reasonably. At 0.35, SPY and ZUMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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
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Related comparisons
Hubs: SPY correlations · ZUMZ correlations
