DHR vs ZTS: Correlation
How closely do Danaher Corporation (DHR) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and ZTS?
On 3 years of weekly data the DHR/ZTS correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 339.3 %².
Among the 49 assets we track against DHR, ZTS ranks #36 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DHR outperformed by 56.8 percentage points (+6.0% for DHR against -50.8% for ZTS). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.68.
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.
DHR vs ZTS: side by side
| DHR (Danaher Corporation) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | +6.0% | -50.8% |
| 5-year return | -23.8% | -61.5% |
| Volatility (ann.) | 29.5% | 30.1% |
| Beta vs S&P 500 | 0.82 | 0.51 |
| Max drawdown (3Y) | -41.7% | -63.0% |
| Market cap | $151.6B | $31.0B |
| P/E (trailing) | 38.4 | 12.7 |
| Dividend yield | 0.67% | 2.66% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | DHR | ZTS |
|---|---|---|
| 2022 | -19.0% | -39.5% |
| 2023 | -1.2% | +35.9% |
| 2024 | -0.3% | -16.6% |
| 2025 | +0.4% | -21.8% |
| 2026 | -5.4% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHR and ZTS good diversifiers for each other?
Reasonably. At 0.38, DHR and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DHR and ZTS?
As of 2026-08-27, the correlation of weekly returns between DHR and ZTS is 0.38 over 3 years, 0.35 over 1 year and 0.50 over 5 years.
Is ZTS a good diversifier for DHR?
Reasonably. At 0.38, DHR and ZTS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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/dhr-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhr-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DHR correlations · ZTS correlations
