MDT vs ZBH: Correlation
Medtronic (MDT) and Zimmer Biomet (ZBH) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and ZBH?
Across a 3-year window, the weekly returns of MDT and ZBH correlate at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 259.0 %².
Within MDT's tracked universe of 34 assets, ZBH comes in at #7 by 3-year correlation. Over the last 12 months MDT came out ahead by 6.8 percentage points (+0.9% against -5.9%). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.75.
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.
MDT vs ZBH: side by side
| MDT (Medtronic) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +0.9% | -5.9% |
| 5-year return | -21.4% | -28.6% |
| Volatility (ann.) | 21.0% | 24.9% |
| Beta vs S&P 500 | 0.37 | 0.51 |
| Max drawdown (3Y) | -28.9% | -38.8% |
| Market cap | $115.2B | $19.0B |
| P/E (trailing) | 24.1 | 24.6 |
| Dividend yield | 3.09% | 0.95% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MDT | ZBH |
|---|---|---|
| 2022 | -22.6% | +4.2% |
| 2023 | +9.6% | -3.8% |
| 2024 | +0.3% | -12.5% |
| 2025 | +24.0% | -14.0% |
| 2026 | -4.7% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and ZBH good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDT and ZBH?
As of 2026-08-27, the correlation of weekly returns between MDT and ZBH is 0.50 over 3 years, 0.42 over 1 year and 0.52 over 5 years.
Is ZBH a good diversifier for MDT?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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/mdt-vs-zbh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdt-vs-zbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDT correlations · ZBH correlations
