TMDX vs ZTS: Correlation
How closely do TransMedics Group, Inc. (TMDX) and Zoetis (ZTS) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMDX and ZTS?
Over the past 3 years, TMDX and ZTS moved with a correlation of 0.39, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.39). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 824.9 %².
Few assets follow TMDX as closely as ZTS, which ranks #3 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months TMDX outperformed by 29.0 percentage points (-21.8% for TMDX against -50.8% for ZTS). One caveat on sizing: TMDX is 2.3 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.
TMDX vs ZTS: side by side
| TMDX (TransMedics Group, Inc.) | ZTS (Zoetis) | |
|---|---|---|
| 1-year return | -21.8% | -50.8% |
| 5-year return | +196.3% | -61.5% |
| Volatility (ann.) | 69.5% | 30.1% |
| Beta vs S&P 500 | 1.37 | 0.51 |
| Max drawdown (3Y) | -67.8% | -63.0% |
| Market cap | $3.2B | $31.0B |
| P/E (trailing) | 23.9 | 12.7 |
| Dividend yield | 0.00% | 2.66% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | TMDX | ZTS |
|---|---|---|
| 2022 | +222.1% | -39.5% |
| 2023 | +27.9% | +35.9% |
| 2024 | -21.0% | -16.6% |
| 2025 | +95.1% | -21.8% |
| 2026 | -24.6% | -39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMDX and ZTS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between TMDX and ZTS?
The TMDX/ZTS correlation stands at 0.39 on a 3-year window (1 year: 0.68, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is ZTS a good diversifier for TMDX?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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/tmdx-vs-zts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmdx-vs-zts/)
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Related comparisons
Hubs: TMDX correlations · ZTS correlations
