SPSC vs. ZS

Last updated Apr 1, 2026

Compare and contrast key facts about SPS Commerce, Inc. (SPSC) and Zscaler, Inc. (ZS).

Performance

SPSC vs. ZS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPS Commerce, Inc. (SPSC) and Zscaler, Inc. (ZS). The values are adjusted to include any dividend payments, if applicable.

SPSC vs. ZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPSC SPS Commerce, Inc.	-37.54%	-51.56%	-5.08%	50.93%	-9.78%	31.09%	95.94%	34.55%	31.62%
ZS Zscaler, Inc.	-37.63%	24.67%	-18.57%	98.00%	-65.18%	60.90%	329.48%	18.59%	18.82%

Fundamentals

Market Cap SPSC : $2.10B ZS : $22.40B
EPS SPSC : $2.46 ZS : -$0.43
PS Ratio SPSC : 2.81 ZS : 7.36
PB Ratio SPSC : 2.16 ZS : 10.20
Total Revenue (TTM) SPSC : $751.51M ZS : $3.00B
Gross Profit (TTM) SPSC : $510.30M ZS : $2.30B
EBITDA (TTM) SPSC : $177.82M ZS : $56.95M

Returns By Period

The year-to-date returns for both stocks are quite close, with SPSC having a -37.54% return and ZS slightly lower at -37.63%.

SPSC

• 1D: 1.07%
• 1M: -1.49%
• YTD: -37.54%
• 6M: -46.54%
• 1Y: -58.06%
• 3Y*: -28.50%
• 5Y*: -11.54%
• 10Y*: 10.09%

ZS

• 1D: 2.21%
• 1M: -4.56%
• YTD: -37.63%
• 6M: -53.18%
• 1Y: -29.30%
• 3Y*: 6.29%
• 5Y*: -4.41%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

SPSC vs. ZS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPSC

SPSC Risk / Return Rank: 4
SPSC Sharpe Ratio Rank: 2
SPSC Sortino Ratio Rank: 3
SPSC Omega Ratio Rank: 2
SPSC Calmar Ratio Rank: 8
SPSC Martin Ratio Rank: 7

ZS

ZS Risk / Return Rank: 18
ZS Sharpe Ratio Rank: 14
ZS Sortino Ratio Rank: 17
ZS Omega Ratio Rank: 16
ZS Calmar Ratio Rank: 25
ZS Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	-1.22	-0.64	-0.58
Sortino ratio Return per unit of downside risk	-1.84	-0.68	-1.16
Omega ratio Gain probability vs. loss probability	0.73	0.90	-0.18
Calmar ratio Return relative to maximum drawdown	-0.90	-0.53	-0.37
Martin ratio Return relative to average drawdown	-1.64	-1.24	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPSC vs. ZS - Sharpe Ratio Comparison

The current SPSC Sharpe Ratio is -1.22, which is lower than the ZS Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of SPSC and ZS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPSC	ZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	-0.64	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	-0.08	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.35	+0.03

Correlation

The correlation between SPSC and ZS is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPSC vs. ZS - Dividend Comparison

Neither SPSC nor ZS has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SPSC vs. ZS - Drawdown Comparison

The maximum SPSC drawdown since its inception was -74.87%, 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.

Drawdown Indicators

	SPSC	ZS	Difference
Max Drawdown Largest peak-to-trough decline	-74.87%	-76.41%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-64.54%	-60.40%	-4.14%
Max Drawdown (5Y) Largest decline over 5 years	-74.87%	-76.41%	+1.54%
Max Drawdown (10Y) Largest decline over 10 years	-74.87%	—	—
Current Drawdown Current decline from peak	-74.16%	-61.96%	-12.20%
Average Drawdown Average peak-to-trough decline	-16.47%	-31.96%	+15.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.54%	26.13%	+9.41%

Volatility

SPSC vs. ZS - Volatility Comparison

The current volatility for SPS Commerce, Inc. (SPSC) is 10.29%, while Zscaler, Inc. (ZS) has a volatility of 14.01%. 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.

Volatility by Period

	SPSC	ZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	14.01%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	33.99%	36.32%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	47.62%	46.18%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.82%	53.25%	-14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.11%	57.02%	-19.91%

Financials

SPSC vs. ZS - Profitability Comparison

The chart below illustrates the profitability comparison between SPS Commerce, Inc. and Zscaler, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SPSC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, SPS Commerce, Inc. reported a gross profit of 126.12M and revenue of 192.65M. Therefore, the gross margin over that period was 65.5%.

ZS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported a gross profit of 624.49M and revenue of 815.75M. Therefore, the gross margin over that period was 76.6%.

SPSC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, SPS Commerce, Inc. reported an operating income of 34.69M and revenue of 192.65M, resulting in an operating margin of 18.0%.

ZS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported an operating income of -51.77M and revenue of 815.75M, resulting in an operating margin of -6.4%.

SPSC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, SPS Commerce, Inc. reported a net income of 25.84M and revenue of 192.65M, resulting in a net margin of 13.4%.

ZS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported a net income of -34.31M and revenue of 815.75M, resulting in a net margin of -4.2%.