ED vs ZBRA: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and Zebra Technologies (ZBRA) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and ZBRA?
On 3 years of weekly data the ED/ZBRA correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. The 5-year figure is 0.02, and annualized covariance runs at -127.6 %².
Within ED's tracked universe of 105 assets, ZBRA comes in at #43 by 3-year correlation. Their 12-month results are close: +10.2% for ED against +12.3% for ZBRA. The relationship is regime-dependent: the rolling one-year correlation swung between -0.36 and 0.17 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since ZBRA carries 2.5 times the volatility of the other side.
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.
ED vs ZBRA: side by side
| ED (Consolidated Edison) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +10.2% | +12.3% |
| 5-year return | +67.5% | -38.2% |
| Volatility (ann.) | 16.5% | 40.8% |
| Beta vs S&P 500 | -0.21 | 1.54 |
| Max drawdown (3Y) | -17.4% | -52.7% |
| Market cap | $39.5B | $17.1B |
| P/E (trailing) | 17.5 | 33.0 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | ZBRA |
|---|---|---|
| 2022 | +15.7% | -56.9% |
| 2023 | -1.1% | +6.6% |
| 2024 | +1.5% | +41.3% |
| 2025 | +15.1% | -37.1% |
| 2026 | +10.1% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and ZBRA good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ED and ZBRA?
As of 2026-08-27, the correlation of weekly returns between ED and ZBRA is -0.19 over 3 years, -0.22 over 1 year and 0.02 over 5 years.
Is ZBRA a good diversifier for ED?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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/ed-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · ZBRA correlations
