FLEX vs ZTS: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and Zoetis (ZTS) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and ZTS?
On 3 years of weekly data the FLEX/ZTS correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.62) runs below the 3-year figure (-0.32). The 5-year figure is -0.13, and annualized covariance runs at -486.3 %².
ZTS is close to the least connected end of FLEX's tracked universe, ranking #42 of 45. Their recent paths diverged sharply: over the last 12 months FLEX outperformed by 165.4 percentage points (+114.6% for FLEX against -50.8% for ZTS). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.60 to 0.25. Risk is not evenly split, since FLEX 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.
FLEX vs ZTS: side by side
| FLEX (Flex Ltd.) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | +114.6% | -50.8% |
| 5-year return | +716.5% | -61.5% |
| Volatility (ann.) | 50.9% | 30.1% |
| Beta vs S&P 500 | 1.70 | 0.51 |
| Max drawdown (3Y) | -40.0% | -63.0% |
| Market cap | $42.6B | $31.0B |
| P/E (trailing) | 43.2 | 12.7 |
| Dividend yield | 0.00% | 2.66% |
| Sector / category | Information Technology | Health Care |
Year-by-year returns
| Year | FLEX | ZTS |
|---|---|---|
| 2022 | +17.1% | -39.5% |
| 2023 | +41.9% | +35.9% |
| 2024 | +67.2% | -16.6% |
| 2025 | +57.4% | -21.8% |
| 2026 | +90.8% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and ZTS good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLEX and ZTS?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.62 over the last year and -0.13 over 5 years.
Is ZTS a good diversifier for FLEX?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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/flex-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLEX correlations · ZTS correlations
