Z vs ZG: Correlation
Zillow Group, Inc. - Class C Capital Stock (Z) and Zillow Group, Inc. (ZG) show a very strong relationship: their 3-year correlation of weekly returns is 1.00.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are Z and ZG?
Across a 3-year window, the weekly returns of Z and ZG correlate at 1.00, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.99) sits close to the 3-year figure. Stretching to 5 years gives 1.00, with an annualized covariance of 2150.9 %².
In Z's tracked universe of 14 assets, ZG sits right near the top at #1. Twelve-month performance is nearly a tie, at -57.9% for Z and -55.5% for ZG.
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.
Z vs ZG: side by side
| Z (Zillow Group, Inc. - Class C Capital Stock) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -57.9% | -55.5% |
| 5-year return | -63.1% | -62.1% |
| Volatility (ann.) | 46.2% | 46.8% |
| Beta vs S&P 500 | 1.30 | 1.28 |
| Max drawdown (3Y) | -67.4% | -66.4% |
| Market cap | $8.0B | $8.2B |
| P/E (trailing) | 154.0 | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | Z | ZG |
|---|---|---|
| 2022 | -49.6% | -49.8% |
| 2023 | +79.6% | +81.7% |
| 2024 | +28.0% | +24.9% |
| 2025 | -7.9% | -3.7% |
| 2026 | -48.1% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are Z and ZG good diversifiers for each other?
No. With a correlation of 1.00, Z and ZG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between Z and ZG?
As of 2026-08-27, the correlation of weekly returns between Z and ZG is 1.00 over 3 years, 0.99 over 1 year and 1.00 over 5 years.
Is ZG a good diversifier for Z?
No. With a correlation of 1.00, Z and ZG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 1.00 mean?
A reading of 1.00 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: Z correlations · ZG correlations
