DT vs ZS: Correlation
How closely do Dynatrace, Inc. (DT) and Zscaler, Inc. (ZS) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DT and ZS?
Across a 3-year window, the weekly returns of DT and ZS correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.65 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 889.8 %².
Among the 26 assets we track against DT, ZS ranks #11 by 3-year correlation. The last year tells two different stories: DT led by 38.0 percentage points, +6.6% for DT 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.
DT vs ZS: side by side
| DT (Dynatrace, Inc.) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | +6.6% | -31.4% |
| 5-year return | -21.5% | -32.7% |
| Volatility (ann.) | 34.3% | 45.7% |
| Beta vs S&P 500 | 1.02 | 1.47 |
| Max drawdown (3Y) | -48.2% | -64.9% |
| Market cap | $15.5B | $30.3B |
| P/E (trailing) | 102.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DT | ZS |
|---|---|---|
| 2022 | -36.5% | -65.2% |
| 2023 | +42.8% | +98.0% |
| 2024 | -0.6% | -18.6% |
| 2025 | -20.3% | +24.7% |
| 2026 | +23.3% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DT and ZS good diversifiers for each other?
To a limited degree. At 0.57 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 DT and ZS?
The DT/ZS correlation stands at 0.57 on a 3-year window (1 year: 0.65, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is ZS a good diversifier for DT?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dt-vs-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dt-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DT correlations · ZS correlations
