GDEV vs ZBH: Correlation
GDEV Inc. (GDEV) and Zimmer Biomet (ZBH) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDEV and ZBH?
Over the past 3 years, GDEV and ZBH moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -346.8 %².
Among the 11 assets we track against GDEV, ZBH sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months ZBH outperformed by 18.3 percentage points (-24.2% for GDEV against -5.9% for ZBH). Risk is not evenly split, since GDEV carries 3.5 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.
GDEV vs ZBH: side by side
| GDEV (GDEV Inc.) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -24.2% | -5.9% |
| 5-year return | -84.9% | -28.6% |
| Volatility (ann.) | 87.8% | 24.9% |
| Beta vs S&P 500 | 1.24 | 0.51 |
| Max drawdown (3Y) | -77.9% | -38.8% |
| Market cap | $0.2B | $19.0B |
| P/E (trailing) | 2.7 | 24.6 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | GDEV | ZBH |
|---|---|---|
| 2022 | -20.8% | +4.2% |
| 2023 | -65.4% | -3.8% |
| 2024 | -12.5% | -12.5% |
| 2025 | -6.3% | -14.0% |
| 2026 | -28.0% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDEV and ZBH good diversifiers for each other?
Yes. With a correlation of -0.16, GDEV and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GDEV and ZBH?
As of 2026-08-27, the correlation of weekly returns between GDEV and ZBH is -0.16 over 3 years, -0.19 over 1 year and -0.08 over 5 years.
Is ZBH a good diversifier for GDEV?
Yes. With a correlation of -0.16, GDEV and ZBH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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/gdev-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdev-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDEV correlations · ZBH correlations
