Correlation Analysis
Exxon Mobil Corporation vs Zimmer Biomet Holdings, Inc.
XOM vs ZBH
-0.715
Strong inverse
When one moves up, the other tends to move down.
Exxon Mobil Corporation
↗XOM
ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil worldwide. In 2025, it produced 3.3 million barrels of liquids and 8.4 billion cubic feet of natural gas per day. At the end of 2024, reserves were 19.9 billion barrels of oil equivalent, 69% of which were liquids. The company is one of the world's largest refiners, with a total global refining capacity of 4.3 million barrels of oil per day, and is one of the world's largest manufacturers of commodity and specialty chemicals.
Market cap 680.7B
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
Time Series
Relative Performance
Who Moves First
ZBH leads XOM by 6 days
ZBH tends to move before XOM.
After testing 13 timing shifts, the strongest relationship was -0.719 (they moved in opposite directions).
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
-0.028
9 periods · Return correlation when both series rose
Both Falling
-0.401
9 periods · Return correlation when both series fell
Diverging
-0.605
17 periods · Return correlation when series moved apart
R-Squared
51.1%
Share of variance in one series explained by the other.
Trend Agreement
55.0%
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: [-0.741, -0.686]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points 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
Exxon Mobil Corporation
XOM
Market cap 680.7B
Stock · 1,254 raw → 1,254 prepared
Series B
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
25
Estimated crossover points between normalized spreads.
Slope
-0.6166
Linear regression slope.
Intercept
180.7851
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
XOM
Exxon Mobil Corporation
Highest
+0.956
Sandisk Corporation Common Stock
SNDK · 281 data points
Lowest
-0.902
Charter Comm Inc Del CL A New
CHTR · 1,254 data points
ZBH
Zimmer Biomet Holdings, Inc.
Highest
-0.272
Johnson & Johnson
JNJ · 1,254 data points
Lowest
-0.753
Costco Wholesale Corp
COST · 1,254 data points
Saved 6 hours ago · ID: stock-xom-vs-stock-zbh-daily