TIGO vs ZTR: Correlation
How closely do Millicom International Cellular S.A. (TIGO) and Virtus Total Return Fund Inc. (ZTR) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TIGO and ZTR?
On 3 years of weekly data the TIGO/ZTR correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 182.2 %².
By 3-year correlation, ZTR places #4 of the 10 assets tracked against TIGO. Their recent paths diverged sharply: over the last 12 months TIGO outperformed by 96.0 percentage points (+114.0% for TIGO against +18.0% for ZTR). Note the risk asymmetry: TIGO runs 2.2 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.
TIGO vs ZTR: side by side
| TIGO (Millicom International Cellular S.A.) | ZTR (Virtus Total Return Fund Inc.) | |
|---|---|---|
| 1-year return | +114.0% | +18.0% |
| 5-year return | +193.9% | +27.0% |
| Volatility (ann.) | 31.5% | 14.0% |
| Beta vs S&P 500 | 0.20 | 0.40 |
| Max drawdown (3Y) | -17.7% | -18.3% |
| Market cap | $15.6B | $0.3B |
| P/E (trailing) | 23.3 | 5.7 |
| Dividend yield | 3.12% | 8.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TIGO | ZTR |
|---|---|---|
| 2022 | -55.6% | -21.3% |
| 2023 | +42.5% | -3.2% |
| 2024 | +38.9% | +18.3% |
| 2025 | +152.3% | +18.6% |
| 2026 | +76.4% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TIGO and ZTR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between TIGO and ZTR?
As of 2026-08-27, the correlation of weekly returns between TIGO and ZTR is 0.41 over 3 years, 0.36 over 1 year and 0.32 over 5 years.
Is ZTR a good diversifier for TIGO?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: TIGO correlations · ZTR correlations
