SBH vs ZBH: Correlation
How closely do Sally Beauty Holdings, Inc. Commo (SBH) and Zimmer Biomet (ZBH) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBH and ZBH?
Across a 3-year window, the weekly returns of SBH and ZBH correlate at 0.50, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.50 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 563.6 %².
Among the 14 assets we track against SBH, ZBH ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SBH outperformed by 22.4 percentage points (+16.5% for SBH against -5.9% for ZBH). Note the risk asymmetry: SBH runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SBH vs ZBH: side by side
| SBH (Sally Beauty Holdings, Inc. Commo) | ZBH (Zimmer Biomet) | |
|---|---|---|
| 1-year return | +16.5% | -5.9% |
| 5-year return | -12.3% | -28.6% |
| Volatility (ann.) | 45.3% | 24.9% |
| Beta vs S&P 500 | 1.15 | 0.51 |
| Max drawdown (3Y) | -45.2% | -38.8% |
| Market cap | $1.5B | $19.0B |
| P/E (trailing) | 8.6 | 24.6 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | SBH | ZBH |
|---|---|---|
| 2022 | -32.2% | +4.2% |
| 2023 | +6.1% | -3.8% |
| 2024 | -21.3% | -12.5% |
| 2025 | +36.5% | -14.0% |
| 2026 | +15.1% | +11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBH 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 SBH and ZBH?
As of 2026-08-27, the correlation of weekly returns between SBH and ZBH is 0.50 over 3 years, 0.42 over 1 year and 0.42 over 5 years.
Is ZBH a good diversifier for SBH?
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?
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.
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Related comparisons
Hubs: SBH correlations · ZBH correlations
