ADP vs CBZ: Correlation
Automatic Data Processing (ADP) and CBIZ, Inc. (CBZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADP and CBZ?
On 3 years of weekly data the ADP/CBZ correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 533.0 %².
By 3-year correlation, CBZ places #13 of the 43 assets tracked against ADP. The trailing year gives ADP the advantage: -3.5% versus -16.9%, a 13.4-point spread. Note the risk asymmetry: CBZ runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ADP vs CBZ: side by side
| ADP (Automatic Data Processing) | CBZ (CBIZ, Inc.) | |
|---|---|---|
| 1-year return | -3.5% | -16.9% |
| 5-year return | +52.0% | +61.7% |
| Volatility (ann.) | 21.7% | 44.6% |
| Beta vs S&P 500 | 0.53 | 1.02 |
| Max drawdown (3Y) | -40.8% | -71.6% |
| Market cap | $113.1B | $3.0B |
| P/E (trailing) | 26.0 | 26.3 |
| Dividend yield | 2.36% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ADP | CBZ |
|---|---|---|
| 2022 | -1.3% | +19.8% |
| 2023 | -0.2% | +33.6% |
| 2024 | +28.4% | +30.7% |
| 2025 | -10.2% | -38.3% |
| 2026 | +12.4% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADP and CBZ good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ADP and CBZ?
The ADP/CBZ correlation stands at 0.55 on a 3-year window (1 year: 0.65, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is CBZ a good diversifier for ADP?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adp-vs-cbz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adp-vs-cbz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ADP correlations · CBZ correlations
