ENOV vs ZTEK: Correlation
Measured on weekly returns over the past three years, Enovis Corporation (ENOV) and Zentek Ltd. (ZTEK) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENOV and ZTEK?
Across a 3-year window, the weekly returns of ENOV and ZTEK correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.37 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 1214.0 %².
By 3-year correlation, ZTEK places #8 of the 14 assets tracked against ENOV. Neither side won the trailing year by much: -20.0% against -17.6%. Note the risk asymmetry: ZTEK runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZTEK: side by side
| ENOV (Enovis Corporation) | ZTEK (Zentek Ltd.) | |
|---|---|---|
| 1-year return | -20.0% | -17.6% |
| 5-year return | -70.1% | -78.0% |
| Volatility (ann.) | 41.2% | 80.4% |
| Beta vs S&P 500 | 1.30 | 0.63 |
| Max drawdown (3Y) | -68.6% | -79.2% |
| Market cap | $1.4B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENOV | ZTEK |
|---|---|---|
| 2022 | -32.4% | -60.1% |
| 2023 | +4.7% | -30.3% |
| 2024 | -21.7% | -13.0% |
| 2025 | -39.3% | -31.9% |
| 2026 | -6.8% | -12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENOV and ZTEK good diversifiers for each other?
Reasonably. At 0.37, ENOV and ZTEK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENOV and ZTEK?
The ENOV/ZTEK correlation stands at 0.37 on a 3-year window (1 year: 0.44, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is ZTEK a good diversifier for ENOV?
Reasonably. At 0.37, ENOV and ZTEK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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/enov-vs-ztek.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enov-vs-ztek/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENOV correlations · ZTEK correlations
