HCA vs ZBH: Correlation
How closely do HCA Healthcare (HCA) and Zimmer Biomet (ZBH) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and ZBH?
On 3 years of weekly data the HCA/ZBH correlation comes out at 0.31, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.31 over 3. The 5-year figure is 0.42, and annualized covariance runs at 209.7 %².
By 3-year correlation, ZBH places #20 of the 32 assets tracked against HCA. The trailing year gives HCA the advantage: +4.2% versus -5.9%, a 10.1-point spread. On a rolling one-year basis the correlation drifted between 0.20 and 0.63, a moderate band.
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.
HCA vs ZBH: side by side
| HCA (HCA Healthcare) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +4.2% | -5.9% |
| 5-year return | +72.5% | -28.6% |
| Volatility (ann.) | 26.9% | 24.9% |
| Beta vs S&P 500 | 0.42 | 0.51 |
| Max drawdown (3Y) | -33.6% | -38.8% |
| Market cap | $90.8B | $19.0B |
| P/E (trailing) | 14.1 | 24.6 |
| Dividend yield | 0.70% | 0.95% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | HCA | ZBH |
|---|---|---|
| 2022 | -5.6% | +4.2% |
| 2023 | +13.8% | -3.8% |
| 2024 | +11.8% | -12.5% |
| 2025 | +56.7% | -14.0% |
| 2026 | -9.9% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and ZBH good diversifiers for each other?
Reasonably. At 0.31, HCA and ZBH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCA and ZBH?
As of 2026-08-27, the correlation of weekly returns between HCA and ZBH is 0.31 over 3 years, 0.27 over 1 year and 0.42 over 5 years.
Is ZBH a good diversifier for HCA?
Reasonably. At 0.31, HCA and ZBH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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/hca-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hca-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HCA correlations · ZBH correlations
