AVNW vs ZTS: Correlation
How closely do Aviat Networks, Inc. (AVNW) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNW and ZTS?
On 3 years of weekly data the AVNW/ZTS correlation comes out at 0.41, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.41 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 629.3 %².
Among the 13 assets we track against AVNW, ZTS ranks #6 by 3-year correlation. The last year tells two different stories: AVNW led by 44.2 percentage points, -6.6% for AVNW against -50.8% for ZTS. One caveat on sizing: AVNW is 1.7 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.
AVNW vs ZTS: side by side
| AVNW (Aviat Networks, Inc.) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -6.6% | -50.8% |
| 5-year return | -39.7% | -61.5% |
| Volatility (ann.) | 50.7% | 30.1% |
| Beta vs S&P 500 | 0.79 | 0.51 |
| Max drawdown (3Y) | -64.3% | -63.0% |
| Market cap | $0.3B | $31.0B |
| P/E (trailing) | 31.1 | 12.7 |
| Dividend yield | 0.00% | 2.66% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AVNW | ZTS |
|---|---|---|
| 2022 | -2.8% | -39.5% |
| 2023 | +4.7% | +35.9% |
| 2024 | -44.5% | -16.6% |
| 2025 | +18.1% | -21.8% |
| 2026 | +0.3% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVNW and ZTS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AVNW and ZTS?
As of 2026-08-27, the correlation of weekly returns between AVNW and ZTS is 0.41 over 3 years, 0.58 over 1 year and 0.34 over 5 years.
Is ZTS a good diversifier for AVNW?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avnw-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avnw-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AVNW correlations · ZTS correlations
