SPSC vs. ZS
SPSC (SPS Commerce, Inc.) and ZS (Zscaler, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 5 years, SPSC returned -10.09%/yr vs -6.28%/yr for ZS. At a 0.48 correlation, their price movements are largely independent.
Performance
SPSC vs. ZS - Performance Comparison
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Returns By Period
In the year-to-date period, SPSC achieves a -37.68% return, which is significantly higher than ZS's -40.26% return.
SPSC
- 1D
- -3.89%
- 1M
- -5.11%
- YTD
- -37.68%
- 6M
- -33.47%
- 1Y
- -60.92%
- 3Y*
- -30.11%
- 5Y*
- -10.09%
- 10Y*
- 6.83%
ZS
- 1D
- -6.78%
- 1M
- -5.51%
- YTD
- -40.26%
- 6M
- -44.85%
- 1Y
- -54.46%
- 3Y*
- -1.91%
- 5Y*
- -6.28%
- 10Y*
- —
SPSC vs. ZS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPSC SPS Commerce, Inc. | -37.68% | -51.56% | -5.08% | 50.93% | -9.78% | 31.09% | 95.94% | 34.55% | 31.62% |
ZS Zscaler, Inc. | -40.26% | 24.67% | -18.57% | 98.00% | -65.18% | 60.90% | 329.48% | 18.59% | 18.82% |
Correlation
The correlation between SPSC and ZS is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018 | 0.48 |
The correlation between SPSC and ZS shifts across timeframes, from 0.41 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
SPSC:
$2.08B
ZS:
$21.60B
SPSC:
$2.40
ZS:
-$0.49
SPSC:
2.76
ZS:
6.73
SPSC:
2.16
ZS:
9.13
SPSC:
$762.08M
ZS:
$3.17B
SPSC:
$518.57M
ZS:
$2.43B
SPSC:
$164.17M
ZS:
$69.08M
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Return for Risk
SPSC vs. ZS — Risk / Return Rank
SPSC
ZS
SPSC vs. ZS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPS Commerce, Inc. (SPSC) and Zscaler, Inc. (ZS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| SPSC | ZS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.81 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.84 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.54 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPSC | ZS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.26 | -0.93 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | -0.11 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.32 | +0.05 |
Drawdowns
SPSC vs. ZS - Drawdown Comparison
The maximum SPSC drawdown since its inception was -76.83%, roughly equal to the maximum ZS drawdown of -76.41%. Use the drawdown chart below to compare losses from any high point for SPSC and ZS.
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Drawdown Indicators
| SPSC | ZS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.83% | -76.41% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -65.58% | -64.89% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -76.83% | -64.89% | -11.94% |
Max Drawdown (5Y)Largest decline over 5 years | -76.83% | -76.41% | -0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -76.83% | — | — |
Current DrawdownCurrent decline from peak | -74.21% | -63.56% | -10.65% |
Average DrawdownAverage peak-to-trough decline | -17.10% | -32.58% | +15.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.04% | 35.44% | +6.60% |
Volatility
SPSC vs. ZS - Volatility Comparison
The current volatility for SPS Commerce, Inc. (SPSC) is 14.55%, while Zscaler, Inc. (ZS) has a volatility of 45.54%. This indicates that SPSC experiences smaller price fluctuations and is considered to be less risky than ZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSC | ZS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.55% | 45.54% | -30.99% |
Volatility (6M)Calculated over the trailing 6-month period | 30.77% | 57.23% | -26.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.53% | 58.55% | -10.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.63% | 56.10% | -16.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.46% | 58.45% | -20.99% |
Dividends
SPSC vs. ZS - Dividend Comparison
Neither SPSC nor ZS has paid dividends to shareholders.
Financials
SPSC vs. ZS - Financials Comparison
This section allows you to compare key financial metrics between SPS Commerce, Inc. and Zscaler, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
SPSC vs. ZS - Profitability Comparison
SPSC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported a gross profit of 132.90M and revenue of 192.12M. Therefore, the gross margin over that period was 69.2%.
ZS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a gross profit of 657.82M and revenue of 850.48M. Therefore, the gross margin over that period was 77.4%.
SPSC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported an operating income of 24.56M and revenue of 192.12M, resulting in an operating margin of 12.8%.
ZS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported an operating income of -29.64M and revenue of 850.48M, resulting in an operating margin of -3.5%.
SPSC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported a net income of 19.73M and revenue of 192.12M, resulting in a net margin of 10.3%.
ZS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a net income of -13.88M and revenue of 850.48M, resulting in a net margin of -1.6%.
Frequently Asked Questions
SPSC and ZS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZS has higher volatility (45.54%) compared to SPSC (14.55%). In terms of maximum drawdown, SPSC dropped -76.83% vs ZS's -76.41%.
ZS currently has the higher Sharpe Ratio (-0.93 vs -1.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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