INDV vs ZWS: Correlation
Measured on weekly returns over the past three years, Indivior Pharmaceuticals, Inc. (INDV) and Zurn Elkay Water Solutions Corporation (ZWS) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDV and ZWS?
On 3 years of weekly data the INDV/ZWS correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.32 over 3 years. The 5-year figure is 0.04, and annualized covariance runs at 485.6 %².
Few assets follow INDV as closely as ZWS, which ranks #2 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months INDV outperformed by 39.6 percentage points (+44.9% for INDV against +5.3% for ZWS). Risk is not evenly split, since INDV carries 2.0 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.
INDV vs ZWS: side by side
| INDV (Indivior Pharmaceuticals, Inc.) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | +44.9% | +5.3% |
| 5-year return | +166.9% | +71.6% |
| Volatility (ann.) | 55.2% | 27.7% |
| Beta vs S&P 500 | 0.47 | 0.89 |
| Max drawdown (3Y) | -67.7% | -30.2% |
| Market cap | $4.2B | $8.1B |
| P/E (trailing) | 12.7 | 30.5 |
| Dividend yield | 0.00% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDV | ZWS |
|---|---|---|
| 2022 | +26.1% | -41.5% |
| 2023 | -29.8% | +40.6% |
| 2024 | -18.6% | +28.1% |
| 2025 | +188.7% | +25.8% |
| 2026 | -1.6% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDV and ZWS good diversifiers for each other?
Reasonably. At 0.32, INDV and ZWS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INDV and ZWS?
The INDV/ZWS correlation stands at 0.32 on a 3-year window (1 year: 0.10, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is ZWS a good diversifier for INDV?
Reasonably. At 0.32, INDV and ZWS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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/indv-vs-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indv-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDV correlations · ZWS correlations
