ENOV vs ZBH: Correlation
How closely do Enovis Corporation (ENOV) and Zimmer Biomet (ZBH) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENOV and ZBH?
On 3 years of weekly data the ENOV/ZBH correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 564.7 %².
In ENOV's tracked universe of 14 assets, ZBH sits right near the top at #1. Over the last 12 months ZBH came out ahead by 14.1 percentage points (-20.0% against -5.9%). Risk is not evenly split, since ENOV carries 1.7 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.
ENOV vs ZBH: side by side
| ENOV (Enovis Corporation) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -20.0% | -5.9% |
| 5-year return | -70.1% | -28.6% |
| Volatility (ann.) | 41.2% | 24.9% |
| Beta vs S&P 500 | 1.30 | 0.51 |
| Max drawdown (3Y) | -68.6% | -38.8% |
| Market cap | $1.4B | $19.0B |
| P/E (trailing) | – | 24.6 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ENOV | ZBH |
|---|---|---|
| 2022 | -32.4% | +4.2% |
| 2023 | +4.7% | -3.8% |
| 2024 | -21.7% | -12.5% |
| 2025 | -39.3% | -14.0% |
| 2026 | -6.8% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENOV and ZBH good diversifiers for each other?
To a limited degree. At 0.55 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 ENOV and ZBH?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.52 over the last year and 0.56 over 5 years.
Is ZBH a good diversifier for ENOV?
To a limited degree. At 0.55 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 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enov-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enov-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENOV correlations · ZBH correlations
