EW vs ISRG: Correlation
Measured on weekly returns over the past three years, Edwards Lifesciences (EW) and Intuitive Surgical (ISRG) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and ISRG?
On 3 years of weekly data the EW/ISRG correlation comes out at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.38 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 377.9 %².
Among the 30 assets we track against EW, ISRG ranks #13 by 3-year correlation. The last year tells two different stories: EW led by 33.3 percentage points, +11.2% for EW against -22.1% for ISRG. On a rolling one-year basis the correlation drifted between 0.22 and 0.67, a moderate band.
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.
EW vs ISRG: side by side
| EW (Edwards Lifesciences) | ISRG (Intuitive Surgical) | |
|---|---|---|
| 1-year return | +11.2% | -22.1% |
| 5-year return | -23.8% | +4.0% |
| Volatility (ann.) | 31.6% | 31.1% |
| Beta vs S&P 500 | 0.81 | 1.20 |
| Max drawdown (3Y) | -37.5% | -45.6% |
| Market cap | $51.8B | $131.5B |
| P/E (trailing) | 54.2 | 42.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | EW | ISRG |
|---|---|---|
| 2022 | -42.4% | -26.1% |
| 2023 | +2.2% | +27.1% |
| 2024 | -2.9% | +54.7% |
| 2025 | +15.2% | +8.5% |
| 2026 | +5.5% | -35.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and ISRG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EW and ISRG?
The EW/ISRG correlation stands at 0.38 on a 3-year window (1 year: 0.51, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is ISRG a good diversifier for EW?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined 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.
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Related comparisons
Hubs: EW correlations · ISRG correlations
