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Correlation Analysis

Apple Inc. vs Zimmer Biomet Holdings, Inc.

AAPL vs ZBH

-0.703

Strong inverse

When one moves up, the other tends to move down.

AAPL logo

Apple Inc.

AAPL

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Market cap 3.8T

ZBH logo

Zimmer Biomet Holdings, Inc.

ZBH

Zimmer Biomet designs, manufactures, and markets orthopedic reconstructive implants as well as supplies and surgical equipment for orthopedic surgery. With the acquisitions of Centerpulse in 2003 and Biomet in 2015, Zimmer holds the leading share of the reconstructive market in the United States, Europe, and Japan. Roughly two-thirds of total revenue is derived from sales of large joints; another fourth comes from extremities, trauma, sports medicine, and related surgical products. The firm spun out its dental and spine businesses in 2022.

Market cap 17.6B · 17,000 employees

Apr 9, 2021 — Apr 7, 2026Daily1,254 observationsStockStockTechnology

Time Series

Rebased to 100

Green: AAPLGray: ZBH36 of 1,254 points (sampled)

Who Moves First

AAPL leads ZBH by 6 days

AAPL tends to move before ZBH.

Best correlation after shifting: -0.707 (13 shifts scanned)

Do They Crash Together?

Correlation by Market Regime

How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.

Both Rising

+0.271

9 periods · Return correlation when both series rose

Both Falling

+0.225

9 periods · Return correlation when both series fell

Diverging

-0.574

17 periods · Return correlation when series moved apart

R-Squared

49.5%

Share of variance in one series explained by the other.

Trend Agreement

58.8%

How often both series moved in the same direction period-to-period.

Overlap Quality

1,254

Deep shared window — 1,254 usable pairs.

Significance

p < 0.001

95% CI: [-0.730, -0.674]

Scatter

XY Regression

112.3120140160180200220240260280285.682.7100120140160175.9Apple Inc.Zimmer Biomet Holdings, Inc.Data pointsFit (r = -0.703)

Pipeline

Data quality details

Pipeline Summary

1,254 paired observations survived the daily window.

Raw input

1,254

1,254

Normalized

1,254

1,254

Prepared

1,254

1,254

Aligned

1,254

1,254

Invalid removed

0

A: 0 / B: 0

Duplicates removed

0

A: 0 / B: 0

Alignment drops

0

A: 0 / B: 0

Series A

AAPL logo

Apple Inc.

AAPL

Market cap 3.8T

Stock · 1,254 raw → 1,254 prepared

Series B

ZBH logo

Zimmer Biomet Holdings, Inc.

ZBH

Market cap 17.6B · 17,000 employees

Stock · 1,254 raw → 1,254 prepared

Sign agreement

100.0%

How often both values share the same sign.

Zero crossings

13

Estimated crossover points between normalized spreads.

Slope

-0.3321

Linear regression slope.

Intercept

180.7857

Linear regression intercept.

Related Extremes

Highest and Lowest Correlated

Saved 3 hours ago · ID: stock-aapl-vs-stock-zbh-daily-20260408-w2u4g3