EW vs XYZ: Correlation
How closely do Edwards Lifesciences (EW) and Block, Inc. (XYZ) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and XYZ?
Across a 3-year window, the weekly returns of EW and XYZ correlate at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.41). Stretching to 5 years gives 0.48, with an annualized covariance of 646.5 %².
By 3-year correlation, XYZ places #6 of the 30 assets tracked against EW. Their 12-month results are close: +11.2% for EW against +6.9% for XYZ. The rolling one-year correlation moved between 0.20 and 0.57 over the past three years, a moderate range. Note the risk asymmetry: XYZ runs 1.6 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.
EW vs XYZ: side by side
| EW (Edwards Lifesciences) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | +11.2% | +6.9% |
| 5-year return | -23.8% | -68.8% |
| Volatility (ann.) | 31.6% | 50.2% |
| Beta vs S&P 500 | 0.81 | 1.80 |
| Max drawdown (3Y) | -37.5% | -53.0% |
| Market cap | $51.8B | $51.0B |
| P/E (trailing) | 54.2 | 151.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | Financials |
Year-by-year returns
| Year | EW | XYZ |
|---|---|---|
| 2022 | -42.4% | -61.1% |
| 2023 | +2.2% | +23.1% |
| 2024 | -2.9% | +9.9% |
| 2025 | +15.2% | -23.4% |
| 2026 | +5.5% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and XYZ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EW and XYZ?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.25 over the last year and 0.48 over 5 years.
Is XYZ a good diversifier for EW?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/ew-vs-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ew-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EW correlations · XYZ correlations
