CWK vs Z: Correlation
How closely do Cushman & Wakefield Ltd. (CWK) and Zillow Group, Inc. - Class C Capital Stock (Z) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWK and Z?
Over the past 3 years, CWK and Z moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 1280.3 %².
Within CWK's tracked universe of 26 assets, Z comes in at #9 by 3-year correlation. The last year tells two different stories: CWK led by 46.5 percentage points, -11.4% for CWK against -57.9% for Z.
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.
CWK vs Z: side by side
| CWK (Cushman & Wakefield Ltd.) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | -11.4% | -57.9% |
| 5-year return | -22.4% | -63.1% |
| Volatility (ann.) | 47.1% | 46.2% |
| Beta vs S&P 500 | 1.67 | 1.30 |
| Max drawdown (3Y) | -49.0% | -67.4% |
| Market cap | $3.3B | $8.0B |
| P/E (trailing) | 50.5 | 154.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWK | Z |
|---|---|---|
| 2022 | -44.0% | -49.6% |
| 2023 | -13.3% | +79.6% |
| 2024 | +21.1% | +28.0% |
| 2025 | +23.8% | -7.9% |
| 2026 | -12.7% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWK and Z good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CWK and Z?
As of 2026-08-27, the correlation of weekly returns between CWK and Z is 0.59 over 3 years, 0.66 over 1 year and 0.44 over 5 years.
Is Z a good diversifier for CWK?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
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Related comparisons
Hubs: CWK correlations · Z correlations
