EXC vs ZBRA: Correlation
Measured on weekly returns over the past three years, Exelon (EXC) and Zebra Technologies (ZBRA) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXC and ZBRA?
Over the past 3 years, EXC and ZBRA moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.12 over 1 year against -0.17 over 3. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is -137.7 %².
Within EXC's tracked universe of 41 assets, ZBRA comes in at #22 by 3-year correlation. The trailing year gives ZBRA the advantage: +1.7% versus +12.3%, a 10.6-point spread. This link changes with the market regime, having swung between -0.28 and 0.48 on a rolling one-year basis. One caveat on sizing: ZBRA is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EXC vs ZBRA: side by side
| EXC (Exelon) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +1.7% | +12.3% |
| 5-year return | +48.1% | -38.2% |
| Volatility (ann.) | 19.4% | 40.8% |
| Beta vs S&P 500 | -0.05 | 1.54 |
| Max drawdown (3Y) | -18.9% | -52.7% |
| Market cap | $45.3B | $17.1B |
| P/E (trailing) | 16.3 | 33.0 |
| Dividend yield | 3.69% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | EXC | ZBRA |
|---|---|---|
| 2022 | +8.3% | -56.9% |
| 2023 | -14.0% | +6.6% |
| 2024 | +9.2% | +41.3% |
| 2025 | +20.0% | -37.1% |
| 2026 | +2.7% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXC and ZBRA good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EXC and ZBRA?
As of 2026-08-27, the correlation of weekly returns between EXC and ZBRA is -0.17 over 3 years, -0.12 over 1 year and 0.12 over 5 years.
Is ZBRA a good diversifier for EXC?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
A reading of -0.17 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/exc-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exc-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXC correlations · ZBRA correlations
