MTD vs ZTS: Correlation
How closely do Mettler Toledo (MTD) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and ZTS?
On 3 years of weekly data the MTD/ZTS correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 427.8 %².
Within MTD's tracked universe of 38 assets, ZTS comes in at #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTD outperformed by 60.3 percentage points (+9.5% for MTD against -50.8% for ZTS). Across three years, the rolling one-year figure varied moderately, from 0.22 to 0.71.
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.
MTD vs ZTS: side by side
| MTD (Mettler Toledo) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | +9.5% | -50.8% |
| 5-year return | -11.4% | -61.5% |
| Volatility (ann.) | 31.4% | 30.1% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -36.6% | -63.0% |
| Market cap | $28.2B | $31.0B |
| P/E (trailing) | 31.7 | 12.7 |
| Dividend yield | 0.00% | 2.66% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | MTD | ZTS |
|---|---|---|
| 2022 | -14.8% | -39.5% |
| 2023 | -16.1% | +35.9% |
| 2024 | +0.9% | -16.6% |
| 2025 | +13.9% | -21.8% |
| 2026 | +0.9% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and ZTS good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTD and ZTS?
The MTD/ZTS correlation stands at 0.45 on a 3-year window (1 year: 0.50, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for MTD?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/mtd-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-zts/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTD correlations · ZTS correlations
