MSI vs ZBRA: Correlation
Motorola Solutions (MSI) and Zebra Technologies (ZBRA) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSI and ZBRA?
On 3 years of weekly data the MSI/ZBRA correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 304.5 %².
By 3-year correlation, ZBRA places #19 of the 32 assets tracked against MSI. Over the last 12 months ZBRA came out ahead by 6.4 percentage points (+5.9% against +12.3%). This link changes with the market regime, having swung between -0.05 and 0.58 on a rolling one-year basis. One caveat on sizing: ZBRA is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MSI vs ZBRA: side by side
| MSI (Motorola Solutions) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +5.9% | +12.3% |
| 5-year return | +111.1% | -38.2% |
| Volatility (ann.) | 22.1% | 40.8% |
| Beta vs S&P 500 | 0.61 | 1.54 |
| Max drawdown (3Y) | -27.0% | -52.7% |
| Market cap | $80.5B | $17.1B |
| P/E (trailing) | 38.5 | 33.0 |
| Dividend yield | 0.97% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | MSI | ZBRA |
|---|---|---|
| 2022 | -3.8% | -56.9% |
| 2023 | +23.0% | +6.6% |
| 2024 | +49.1% | +41.3% |
| 2025 | -16.2% | -37.1% |
| 2026 | +27.6% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSI and ZBRA good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MSI and ZBRA?
The MSI/ZBRA correlation stands at 0.34 on a 3-year window (1 year: 0.35, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is ZBRA a good diversifier for MSI?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/msi-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msi-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSI correlations · ZBRA correlations
