ALC vs ZTS: Correlation
Alcon Inc. (ALC) and Zoetis (ZTS) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALC and ZTS?
Over the past 3 years, ALC and ZTS moved with a correlation of 0.45, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.45 over 3 years. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 350.0 %².
Within ALC's tracked universe of 13 assets, ZTS comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ALC ahead by 40.0 points (-10.8% versus -50.8%).
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.
ALC vs ZTS: side by side
| ALC (Alcon Inc.) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -10.8% | -50.8% |
| 5-year return | -10.3% | -61.5% |
| Volatility (ann.) | 26.0% | 30.1% |
| Beta vs S&P 500 | 0.77 | 0.51 |
| Max drawdown (3Y) | -37.9% | -63.0% |
| Market cap | $34.9B | $31.0B |
| P/E (trailing) | 55.6 | 12.7 |
| Dividend yield | 0.49% | 2.66% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ALC | ZTS |
|---|---|---|
| 2022 | -21.1% | -39.5% |
| 2023 | +14.3% | +35.9% |
| 2024 | +9.0% | -16.6% |
| 2025 | -6.8% | -21.8% |
| 2026 | -7.9% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALC and ZTS good diversifiers for each other?
Reasonably. At 0.45, ALC and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALC and ZTS?
As of 2026-08-27, the correlation of weekly returns between ALC and ZTS is 0.45 over 3 years, 0.58 over 1 year and 0.53 over 5 years.
Is ZTS a good diversifier for ALC?
Reasonably. At 0.45, ALC and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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/alc-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alc-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALC correlations · ZTS correlations
