SPY vs ZURA: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Zura Bio Limited - Class A (ZURA) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZURA?
Across a 3-year window, the weekly returns of SPY and ZURA correlate at 0.14, weak. Lately the two have drifted apart, with the 1-year correlation at -0.06 versus 0.14 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 209.1 %².
Within SPY's tracked universe of 4755 assets, ZURA comes in at #3826 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZURA outperformed by 150.2 percentage points (+20.6% for SPY against +170.8% for ZURA). Note the risk asymmetry: ZURA runs 6.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZURA: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZURA (Zura Bio Limited - Class A) | |
|---|---|---|
| 1-year return | +20.6% | +170.8% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 100.1% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -18.8% | -85.8% |
| Market cap | – | $0.6B |
| 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 | ZURA |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -46.5% |
| 2025 | +17.7% | +109.6% |
| 2026 | +13.7% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZURA good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and ZURA?
The SPY/ZURA correlation stands at 0.14 on a 3-year window (1 year: -0.06, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is ZURA a good diversifier for SPY?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 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-zura.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-zura/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · ZURA correlations
