SPY vs ZYME: Correlation
SPDR S&P 500 ETF Trust (SPY) and Zymeworks Inc. (ZYME) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and ZYME?
On 3 years of weekly data the SPY/ZYME correlation comes out at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.30). The 5-year figure is 0.22, and annualized covariance runs at 214.1 %².
Among the 4755 assets we track against SPY, ZYME ranks #2264 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZYME ahead by 73.7 points (+20.6% versus +94.3%). Note the risk asymmetry: ZYME runs 3.4 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 ZYME: side by side
| SPY (SPDR S&P 500 ETF Trust) | ZYME (Zymeworks Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +94.3% |
| 5-year return | +82.4% | -10.9% |
| Volatility (ann.) | 14.5% | 49.4% |
| Beta vs S&P 500 | 1.00 | 1.02 |
| Max drawdown (3Y) | -18.8% | -45.7% |
| Market cap | – | $2.1B |
| 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 |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | ZYME |
|---|---|---|
| 2022 | -18.2% | -52.0% |
| 2023 | +26.2% | +32.2% |
| 2024 | +24.9% | +40.9% |
| 2025 | +17.7% | +79.8% |
| 2026 | +13.7% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and ZYME good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and ZYME?
As of 2026-08-27, the correlation of weekly returns between SPY and ZYME is 0.30 over 3 years, 0.02 over 1 year and 0.22 over 5 years.
Is ZYME a good diversifier for SPY?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SPY correlations · ZYME correlations
