CBZ vs WTW: Correlation
CBIZ, Inc. (CBZ) and Willis Towers Watson (WTW) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBZ and WTW?
Over the past 3 years, CBZ and WTW moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.62 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 540.8 %².
By 3-year correlation, WTW places #9 of the 20 assets tracked against CBZ. Correlation aside, the last 12 months split them widely, with WTW ahead by 21.1 points (-16.9% versus +4.2%). Risk is not evenly split, since CBZ carries 1.9 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.
CBZ vs WTW: side by side
| CBZ (CBIZ, Inc.) | WTW (Willis Towers Watson) | |
|---|---|---|
| 1-year return | -16.9% | +4.2% |
| 5-year return | +61.7% | +68.3% |
| Volatility (ann.) | 44.6% | 23.5% |
| Beta vs S&P 500 | 1.02 | 0.32 |
| Max drawdown (3Y) | -71.6% | -30.4% |
| Market cap | $3.0B | $31.5B |
| P/E (trailing) | 26.3 | 21.2 |
| Dividend yield | 0.00% | 0.55% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | CBZ | WTW |
|---|---|---|
| 2022 | +19.8% | +4.5% |
| 2023 | +33.6% | +0.1% |
| 2024 | +30.7% | +31.5% |
| 2025 | -38.3% | +6.1% |
| 2026 | +8.4% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBZ and WTW good diversifiers for each other?
Only partially. A correlation of 0.52 means CBZ and WTW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CBZ and WTW?
As of 2026-08-27, the correlation of weekly returns between CBZ and WTW is 0.52 over 3 years, 0.62 over 1 year and 0.47 over 5 years.
Is WTW a good diversifier for CBZ?
Only partially. A correlation of 0.52 means CBZ and WTW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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/cbz-vs-wtw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbz-vs-wtw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBZ correlations · WTW correlations
