SPY vs ZVIA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Zevia PBC (ZVIA) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZVIA?
Across a 3-year window, the weekly returns of SPY and ZVIA correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 255.1 %².
Among the 4755 assets we track against SPY, ZVIA ranks #3095 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 68.0 percentage points (+20.6% for SPY against -47.4% for ZVIA). One caveat on sizing: ZVIA 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 ZVIA: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZVIA (Zevia PBC) | |
|---|---|---|
| 1-year return | +20.6% | -47.4% |
| 5-year return | +82.4% | -90.1% |
| Volatility (ann.) | 14.5% | 80.3% |
| Beta vs S&P 500 | 1.00 | 1.22 |
| Max drawdown (3Y) | -18.8% | -78.2% |
| 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 |
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 | ZVIA |
|---|---|---|
| 2022 | -18.2% | -42.0% |
| 2023 | +26.2% | -50.9% |
| 2024 | +24.9% | +108.5% |
| 2025 | +17.7% | -44.6% |
| 2026 | +13.7% | -38.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZVIA good diversifiers for each other?
Reasonably. At 0.22, SPY and ZVIA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and ZVIA?
The SPY/ZVIA correlation stands at 0.22 on a 3-year window (1 year: 0.14, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is ZVIA a good diversifier for SPY?
Reasonably. At 0.22, SPY and ZVIA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-zvia.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zvia/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ZVIA correlations
