GEHC vs ZBH: Correlation
Measured on weekly returns over the past three years, GE HealthCare (GEHC) and Zimmer Biomet (ZBH) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and ZBH?
Over the past 3 years, GEHC and ZBH moved with a correlation of 0.42, which is moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.42). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 342.7 %².
Within GEHC's tracked universe of 52 assets, ZBH comes in at #37 by 3-year correlation. Neither side won the trailing year by much: -2.2% against -5.9%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.02 and 0.69 over the past three years, so this pair behaves very differently depending on the market environment.
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.
GEHC vs ZBH: side by side
| GEHC (GE HealthCare) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | -2.2% | -5.9% |
| 5-year return | n/a | -28.6% |
| Volatility (ann.) | 32.4% | 24.9% |
| Beta vs S&P 500 | 1.22 | 0.51 |
| Max drawdown (3Y) | -37.4% | -38.8% |
| Market cap | $32.7B | $19.0B |
| P/E (trailing) | 16.9 | 24.6 |
| Dividend yield | 0.19% | 0.95% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | GEHC | ZBH |
|---|---|---|
| 2022 | – | +4.2% |
| 2023 | +32.6% | -3.8% |
| 2024 | +1.3% | -12.5% |
| 2025 | +5.1% | -14.0% |
| 2026 | -11.5% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEHC and ZBH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GEHC and ZBH?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.63 over the last year and 0.40 over 5 years.
Is ZBH a good diversifier for GEHC?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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/gehc-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gehc-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GEHC correlations · ZBH correlations
