CWK vs ZG: Correlation
Cushman & Wakefield Ltd. (CWK) and Zillow Group, Inc. (ZG) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWK and ZG?
Over the past 3 years, CWK and ZG 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 1298.6 %².
By 3-year correlation, ZG places #10 of the 26 assets tracked against CWK. The last year tells two different stories: CWK led by 44.1 percentage points, -11.4% for CWK against -55.5% for ZG.
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 ZG: side by side
| CWK (Cushman & Wakefield Ltd.) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -11.4% | -55.5% |
| 5-year return | -22.4% | -62.1% |
| Volatility (ann.) | 47.1% | 46.8% |
| Beta vs S&P 500 | 1.67 | 1.28 |
| Max drawdown (3Y) | -49.0% | -66.4% |
| Market cap | $3.3B | $8.2B |
| P/E (trailing) | 50.5 | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWK | ZG |
|---|---|---|
| 2022 | -44.0% | -49.8% |
| 2023 | -13.3% | +81.7% |
| 2024 | +21.1% | +24.9% |
| 2025 | +23.8% | -3.7% |
| 2026 | -12.7% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWK and ZG good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CWK and ZG?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.66 over the last year and 0.44 over 5 years.
Is ZG a good diversifier for CWK?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 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.
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Related comparisons
Hubs: CWK correlations · ZG correlations
