SPY vs ZWS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Zurn Elkay Water Solutions Corporation (ZWS) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZWS?
On 3 years of weekly data the SPY/ZWS correlation comes out at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.46). The 5-year figure is 0.51, and annualized covariance runs at 186.2 %².
Among the 4755 assets we track against SPY, ZWS ranks #684 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.3 points (+20.6% versus +5.3%). Note the risk asymmetry: ZWS runs 1.9 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 ZWS: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +5.3% |
| 5-year return | +82.4% | +71.6% |
| Volatility (ann.) | 14.5% | 27.7% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -18.8% | -30.2% |
| Market cap | – | $8.1B |
| P/E (trailing) | – | 30.5 |
| Dividend yield | 1.01% | 0.85% |
| 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 | ZWS |
|---|---|---|
| 2022 | -18.2% | -41.5% |
| 2023 | +26.2% | +40.6% |
| 2024 | +24.9% | +28.1% |
| 2025 | +17.7% | +25.8% |
| 2026 | +13.7% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZWS good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ZWS?
The SPY/ZWS correlation stands at 0.46 on a 3-year window (1 year: 0.20, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is ZWS a good diversifier for SPY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · ZWS correlations
