ALVO vs CTSH: Correlation
How closely do Alvotech (ALVO) and Cognizant (CTSH) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and CTSH?
On 3 years of weekly data the ALVO/CTSH correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.35 over 3. The 5-year figure is 0.26, and annualized covariance runs at 596.5 %².
Among the 12 assets we track against ALVO, CTSH ranks #4 by 3-year correlation. The last year tells two different stories: CTSH led by 29.4 percentage points, -39.2% for ALVO against -9.8% for CTSH. One caveat on sizing: ALVO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALVO vs CTSH: side by side
| ALVO (Alvotech) | CTSH (Cognizant) | |
|---|---|---|
| 1-year return | -39.2% | -9.8% |
| 5-year return | -56.4% | -9.6% |
| Volatility (ann.) | 52.8% | 32.3% |
| Beta vs S&P 500 | 0.81 | 0.89 |
| Max drawdown (3Y) | -82.6% | -56.1% |
| Market cap | $1.7B | $28.7B |
| P/E (trailing) | – | 13.3 |
| Dividend yield | 0.00% | 2.09% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ALVO | CTSH |
|---|---|---|
| 2022 | – | -34.5% |
| 2023 | +14.8% | +34.4% |
| 2024 | +15.2% | +3.5% |
| 2025 | -61.2% | +9.7% |
| 2026 | -4.9% | -21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and CTSH good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALVO and CTSH?
As of 2026-08-27, the correlation of weekly returns between ALVO and CTSH is 0.35 over 3 years, 0.43 over 1 year and 0.26 over 5 years.
Is CTSH a good diversifier for ALVO?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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/alvo-vs-ctsh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alvo-vs-ctsh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALVO correlations · CTSH correlations
