CRWD vs ZS: Correlation
Measured on weekly returns over the past three years, CrowdStrike (CRWD) and Zscaler, Inc. (ZS) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and ZS?
Across a 3-year window, the weekly returns of CRWD and ZS correlate at 0.64, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 1462.4 %².
In CRWD's tracked universe of 31 assets, ZS sits right near the top at #3. The last year tells two different stories: CRWD led by 147.2 percentage points, +115.8% for CRWD against -31.4% for ZS.
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.
CRWD vs ZS: side by side
| CRWD (CrowdStrike) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | +115.8% | -31.4% |
| 5-year return | +218.4% | -32.7% |
| Volatility (ann.) | 50.2% | 45.7% |
| Beta vs S&P 500 | 1.87 | 1.47 |
| Max drawdown (3Y) | -44.4% | -64.9% |
| Market cap | $233.4B | $30.3B |
| P/E (trailing) | 3256.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CRWD | ZS |
|---|---|---|
| 2022 | -48.6% | -65.2% |
| 2023 | +142.5% | +98.0% |
| 2024 | +34.0% | -18.6% |
| 2025 | +37.0% | +24.7% |
| 2026 | +94.5% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRWD and ZS good diversifiers for each other?
Only partially. A correlation of 0.64 means CRWD and ZS 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 CRWD and ZS?
As of 2026-08-27, the correlation of weekly returns between CRWD and ZS is 0.64 over 3 years, 0.63 over 1 year and 0.67 over 5 years.
Is ZS a good diversifier for CRWD?
Only partially. A correlation of 0.64 means CRWD and ZS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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/crwd-vs-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crwd-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRWD correlations · ZS correlations
