TEL vs ZBRA: Correlation
TE Connectivity (TEL) and Zebra Technologies (ZBRA) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TEL and ZBRA?
Across a 3-year window, the weekly returns of TEL and ZBRA correlate at 0.46, moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.46). Stretching to 5 years gives 0.55, with an annualized covariance of 535.6 %².
Within TEL's tracked universe of 36 assets, ZBRA comes in at #24 by 3-year correlation. On 12-month performance ZBRA holds a 13.4-point edge, -1.1% against +12.3%. Across three years, the rolling one-year figure varied moderately, from 0.24 to 0.72.
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.
TEL vs ZBRA: side by side
| TEL (TE Connectivity) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | -1.1% | +12.3% |
| 5-year return | +43.7% | -38.2% |
| Volatility (ann.) | 28.8% | 40.8% |
| Beta vs S&P 500 | 1.32 | 1.54 |
| Max drawdown (3Y) | -22.6% | -52.7% |
| Market cap | $58.8B | $17.1B |
| P/E (trailing) | 20.1 | 33.0 |
| Dividend yield | 1.42% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | TEL | ZBRA |
|---|---|---|
| 2022 | -27.7% | -56.9% |
| 2023 | +24.6% | +6.6% |
| 2024 | +3.5% | +41.3% |
| 2025 | +61.1% | -37.1% |
| 2026 | -9.8% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TEL and ZBRA good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TEL and ZBRA?
The TEL/ZBRA correlation stands at 0.46 on a 3-year window (1 year: 0.29, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is ZBRA a good diversifier for TEL?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tel-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tel-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TEL correlations · ZBRA correlations
