AAON vs ZTS: Correlation
AAON, Inc. (AAON) and Zoetis (ZTS) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and ZTS?
Across a 3-year window, the weekly returns of AAON and ZTS correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.24 over 3 years. Stretching to 5 years gives -0.03, with an annualized covariance of -398.9 %².
Out of 11 assets tracked against AAON, ZTS lands near the bottom at #8. The last year tells two different stories: AAON led by 43.4 percentage points, -7.4% for AAON against -50.8% for ZTS. Risk is not evenly split, since AAON carries 1.8 times the volatility of the other side.
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.
AAON vs ZTS: side by side
| AAON (AAON, Inc.) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -7.4% | -50.8% |
| 5-year return | +73.5% | -61.5% |
| Volatility (ann.) | 54.9% | 30.1% |
| Beta vs S&P 500 | 1.58 | 0.51 |
| Max drawdown (3Y) | -48.9% | -63.0% |
| Market cap | $6.4B | $31.0B |
| P/E (trailing) | 42.0 | 12.7 |
| Dividend yield | 0.50% | 2.66% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AAON | ZTS |
|---|---|---|
| 2022 | -4.6% | -39.5% |
| 2023 | +47.9% | +35.9% |
| 2024 | +59.9% | -16.6% |
| 2025 | -34.9% | -21.8% |
| 2026 | +2.7% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and ZTS good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAON and ZTS?
The AAON/ZTS correlation stands at -0.24 on a 3-year window (1 year: -0.51, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for AAON?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aaon-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aaon-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AAON correlations · ZTS correlations
