CDW vs ZTS: Correlation
How closely do CDW Corporation (CDW) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and ZTS?
On 3 years of weekly data the CDW/ZTS correlation comes out at 0.43, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.43 over 3 years. The 5-year figure is 0.43, and annualized covariance runs at 443.2 %².
Within CDW's tracked universe of 40 assets, ZTS comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CDW ahead by 42.8 points (-8.0% versus -50.8%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.01 and 0.67 over the past three years, so this pair behaves very differently depending on the market environment.
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.
CDW vs ZTS: side by side
| CDW (CDW Corporation) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -8.0% | -50.8% |
| 5-year return | -20.5% | -61.5% |
| Volatility (ann.) | 34.2% | 30.1% |
| Beta vs S&P 500 | 1.01 | 0.51 |
| Max drawdown (3Y) | -60.4% | -63.0% |
| Market cap | $18.6B | $31.0B |
| P/E (trailing) | 17.0 | 12.7 |
| Dividend yield | 1.78% | 2.66% |
| Sector / category | Information Technology | Health Care |
Year-by-year returns
| Year | CDW | ZTS |
|---|---|---|
| 2022 | -11.7% | -39.5% |
| 2023 | +28.8% | +35.9% |
| 2024 | -22.6% | -16.6% |
| 2025 | -20.6% | -21.8% |
| 2026 | +11.1% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and ZTS good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CDW and ZTS?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.58 over the last year and 0.43 over 5 years.
Is ZTS a good diversifier for CDW?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdw-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdw-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDW correlations · ZTS correlations
