COHR vs ZBRA: Correlation
How closely do Coherent Corp. (COHR) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and ZBRA?
On 3 years of weekly data the COHR/ZBRA correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 1320.1 %².
By 3-year correlation, ZBRA places #24 of the 41 assets tracked against COHR. Their recent paths diverged sharply: over the last 12 months COHR outperformed by 213.3 percentage points (+225.6% for COHR against +12.3% for ZBRA). This link changes with the market regime, having swung between 0.17 and 0.70 on a rolling one-year basis. Note the risk asymmetry: COHR runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
COHR vs ZBRA: side by side
| COHR (Coherent Corp.) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +225.6% | +12.3% |
| 5-year return | +368.6% | -38.2% |
| Volatility (ann.) | 65.0% | 40.8% |
| Beta vs S&P 500 | 2.76 | 1.54 |
| Max drawdown (3Y) | -54.8% | -52.7% |
| Market cap | $57.8B | $17.1B |
| P/E (trailing) | 71.4 | 33.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | COHR | ZBRA |
|---|---|---|
| 2022 | -48.6% | -56.9% |
| 2023 | +24.0% | +6.6% |
| 2024 | +117.6% | +41.3% |
| 2025 | +94.8% | -37.1% |
| 2026 | +60.0% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COHR and ZBRA good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between COHR and ZBRA?
As of 2026-08-27, the correlation of weekly returns between COHR and ZBRA is 0.50 over 3 years, 0.46 over 1 year and 0.46 over 5 years.
Is ZBRA a good diversifier for COHR?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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/cohr-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cohr-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COHR correlations · ZBRA correlations
