CNMD vs ZBH: Correlation
How closely do CONMED Corporation (CNMD) and Zimmer Biomet (ZBH) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and ZBH?
Over the past 3 years, CNMD and ZBH moved with a correlation of 0.49, which is moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.49 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 467.3 %².
By 3-year correlation, ZBH places #5 of the 11 assets tracked against CNMD. Twelve-month performance is nearly a tie, at -7.2% for CNMD and -5.9% for ZBH. One caveat on sizing: CNMD is 1.5 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.
CNMD vs ZBH: side by side
| CNMD (CONMED Corporation) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -7.2% | -5.9% |
| 5-year return | -60.5% | -28.6% |
| Volatility (ann.) | 38.2% | 24.9% |
| Beta vs S&P 500 | 0.60 | 0.51 |
| Max drawdown (3Y) | -71.4% | -38.8% |
| Market cap | $1.5B | $19.0B |
| P/E (trailing) | 27.2 | 24.6 |
| Dividend yield | 0.40% | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | CNMD | ZBH |
|---|---|---|
| 2022 | -37.0% | +4.2% |
| 2023 | +24.5% | -3.8% |
| 2024 | -36.8% | -12.5% |
| 2025 | -40.0% | -14.0% |
| 2026 | +23.9% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and ZBH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNMD and ZBH?
The CNMD/ZBH correlation stands at 0.49 on a 3-year window (1 year: 0.57, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is ZBH a good diversifier for CNMD?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/cnmd-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnmd-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNMD correlations · ZBH correlations
