Z vs. ZG

Last updated Jun 4, 2026

Z (Zillow Group, Inc.) and ZG (Zillow Group, Inc.) are both stocks. Both operate in the Internet Content & Information industry within the Communication Services sector. Over the past 10 years, Z returned 1.93%/yr vs 1.81%/yr for ZG. With a 0.98 correlation, they move nearly in lockstep.

Performance

Z vs. ZG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zillow Group, Inc. (Z) and Zillow Group, Inc. (ZG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with Z having a -47.95% return and ZG slightly higher at -47.84%. Over the past 10 years, Z has outperformed ZG with an annualized return of 1.93%, while ZG has yielded a comparatively lower 1.81% annualized return.

Z

• 1D: -2.36%
• 1M: -19.35%
• YTD: -47.95%
• 6M: -53.28%
• 1Y: -48.62%
• 3Y*: -8.71%
• 5Y*: -20.06%
• 10Y*: 1.93%

ZG

• 1D: -2.71%
• 1M: -19.61%
• YTD: -47.84%
• 6M: -51.82%
• 1Y: -47.66%
• 3Y*: -8.04%
• 5Y*: -20.27%
• 10Y*: 1.81%

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

Z vs. ZG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
Z Zillow Group, Inc.	-47.95%	-7.87%	27.98%	79.63%	-49.55%	-50.81%	182.54%	45.47%	-22.83%	12.20%
ZG Zillow Group, Inc.	-47.84%	-3.70%	24.91%	81.74%	-49.84%	-54.23%	197.20%	45.53%	-22.85%	11.77%

Correlation

The correlation between Z and ZG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 4, 2015	0.98

The correlation between Z and ZG has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Fundamentals

Market Cap Z : $8.51B ZG : $8.53B
EPS Z : $0.25 ZG : $0.24
PE Ratio Z : 143.98 ZG : 145.85
PEG Ratio Z : 0.95 ZG : 0.96
PS Ratio Z : 3.26 ZG : 3.30
PB Ratio Z : 1.93 ZG : 1.93
Total Revenue (TTM) Z : $2.69B ZG : $2.69B
Gross Profit (TTM) Z : $1.98B ZG : $1.98B
EBITDA (TTM) Z : $257.00M ZG : $263.00M

Return for Risk

Z vs. ZG — Risk / Return Rank

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

Z

Z Risk / Return Rank: 6
Z Sharpe Ratio Rank: 3
Z Sortino Ratio Rank: 4
Z Omega Ratio Rank: 5
Z Calmar Ratio Rank: 11
Z Martin Ratio Rank: 6

ZG

ZG Risk / Return Rank: 6
ZG Sharpe Ratio Rank: 3
ZG Sortino Ratio Rank: 5
ZG Omega Ratio Rank: 6
ZG Calmar Ratio Rank: 10
ZG Martin Ratio Rank: 5

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.

Z vs. ZG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zillow Group, Inc. (Z) and Zillow Group, Inc. (ZG). 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.

	Z	ZG	Difference
Sharpe ratio Return per unit of total volatility	-1.11	-1.10	-0.01
Sortino ratio Return per unit of downside risk	-1.66	-1.63	-0.03
Omega ratio Gain probability vs. loss probability	0.80	0.80	0.00
Calmar ratio Return relative to maximum drawdown	-0.80	-0.81	+0.01
Martin ratio Return relative to average drawdown	-1.48	-1.52	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Z vs. ZG - Sharpe Ratio Comparison

The current Z Sharpe Ratio is -1.11, which is comparable to the ZG Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of Z and ZG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	Z	ZG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	-1.10	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	-0.39	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	0.03	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.20	-0.16

Drawdowns

Z vs. ZG - Drawdown Comparison

The maximum Z drawdown since its inception was -86.51%, roughly equal to the maximum ZG drawdown of -86.74%. Use the drawdown chart below to compare losses from any high point for Z and ZG.

Drawdown Indicators

	Z	ZG	Difference
Max Drawdown Largest peak-to-trough decline	-86.51%	-86.74%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-61.25%	-59.24%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-61.25%	-59.24%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-78.29%	-78.31%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-86.51%	-86.74%	+0.23%
Current Drawdown Current decline from peak	-82.24%	-82.54%	+0.30%
Average Drawdown Average peak-to-trough decline	-44.42%	-38.29%	-6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.84%	31.49%	+1.35%

Volatility

Z vs. ZG - Volatility Comparison

Zillow Group, Inc. (Z) has a higher volatility of 9.47% compared to Zillow Group, Inc. (ZG) at 8.96%. This indicates that Z's price experiences larger fluctuations and is considered to be riskier than ZG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	Z	ZG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	8.96%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	35.42%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	43.31%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.05%	52.43%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.88%	53.04%	-0.16%

Dividends

Z vs. ZG - Dividend Comparison

Neither Z nor ZG has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Z Zillow Group, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZG Zillow Group, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	223.86%

Financials

Z vs. ZG - Profitability Comparison

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

Z - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported a gross profit of 519.00M and revenue of 708.00M. Therefore, the gross margin over that period was 73.3%.

ZG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported a gross profit of 519.00M and revenue of 708.00M. Therefore, the gross margin over that period was 73.3%.

Z - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported an operating income of 36.00M and revenue of 708.00M, resulting in an operating margin of 5.1%.

ZG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported an operating income of 36.00M and revenue of 708.00M, resulting in an operating margin of 5.1%.

Z - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported a net income of 46.00M and revenue of 708.00M, resulting in a net margin of 6.5%.

ZG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zillow Group, Inc. reported a net income of 46.00M and revenue of 708.00M, resulting in a net margin of 6.5%.

Frequently Asked Questions

Can I hold both Z and ZG in my portfolio?

With a correlation of 0.99, Z and ZG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, Z or ZG?

Z has higher volatility (9.47%) compared to ZG (8.96%). In terms of maximum drawdown, Z dropped -86.51% vs ZG's -86.74%.

Which has better risk-adjusted returns?

ZG currently has the higher Sharpe Ratio (-1.10 vs -1.11), 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.