GMED vs STE: Correlation
How closely do Globus Medical, Inc. (GMED) and Steris (STE) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GMED and STE?
Over the past 3 years, GMED and STE moved with a correlation of 0.58, which is moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.58). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 541.8 %².
STE is one of the assets that tracks GMED most closely: it ranks #1 out of the 15 assets we track against GMED. Their recent paths diverged sharply: over the last 12 months GMED outperformed by 39.9 percentage points (+34.2% for GMED against -5.7% for STE). Risk is not evenly split, since GMED carries 1.9 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.
GMED vs STE: side by side
| GMED (Globus Medical, Inc.) | STE (Steris) | |
|---|---|---|
| 1-year return | +34.2% | -5.7% |
| 5-year return | +0.4% | +13.6% |
| Volatility (ann.) | 41.6% | 22.3% |
| Beta vs S&P 500 | 0.74 | 0.43 |
| Max drawdown (3Y) | -44.4% | -25.4% |
| Market cap | $11.1B | $22.7B |
| P/E (trailing) | 21.1 | 28.5 |
| Dividend yield | 0.00% | 1.06% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | GMED | STE |
|---|---|---|
| 2022 | +2.9% | -23.4% |
| 2023 | -28.2% | +20.2% |
| 2024 | +55.2% | -5.6% |
| 2025 | +5.6% | +24.3% |
| 2026 | -5.5% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GMED and STE good diversifiers for each other?
Only partially. A correlation of 0.58 means GMED and STE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GMED and STE?
The GMED/STE correlation stands at 0.58 on a 3-year window (1 year: 0.69, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is STE a good diversifier for GMED?
Only partially. A correlation of 0.58 means GMED and STE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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/gmed-vs-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gmed-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GMED correlations · STE correlations
