MDT vs ZTS: Correlation
Measured on weekly returns over the past three years, Medtronic (MDT) and Zoetis (ZTS) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and ZTS?
Across a 3-year window, the weekly returns of MDT and ZTS correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 245.7 %².
Among the 34 assets we track against MDT, ZTS ranks #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDT ahead by 51.7 points (+0.9% versus -50.8%). On a rolling one-year basis the correlation drifted between 0.25 and 0.56, 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.
MDT vs ZTS: side by side
| MDT (Medtronic) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | +0.9% | -50.8% |
| 5-year return | -21.4% | -61.5% |
| Volatility (ann.) | 21.0% | 30.1% |
| Beta vs S&P 500 | 0.37 | 0.51 |
| Max drawdown (3Y) | -28.9% | -63.0% |
| Market cap | $115.2B | $31.0B |
| P/E (trailing) | 24.1 | 12.7 |
| Dividend yield | 3.09% | 2.66% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MDT | ZTS |
|---|---|---|
| 2022 | -22.6% | -39.5% |
| 2023 | +9.6% | +35.9% |
| 2024 | +0.3% | -16.6% |
| 2025 | +24.0% | -21.8% |
| 2026 | -4.7% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and ZTS good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDT and ZTS?
The MDT/ZTS correlation stands at 0.39 on a 3-year window (1 year: 0.38, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for MDT?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 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-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdt-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDT correlations · ZTS correlations
