Seasonality
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ZBH - Average returns for the respective month in the last 5 years
Monthly Returns Heatmap
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -3.17% | 13.06% | -7.90% | -8.84% | -0.12% | 4.84% | 9.11% | 7.15% | ||||
| 2025 | 3.64% | -4.71% | 8.73% | -8.95% | -10.56% | -0.78% | 0.48% | 15.77% | -6.94% | 2.09% | -3.02% | -7.55% |
| 2024 | 3.20% | -0.99% | 6.33% | -8.87% | -4.26% | -5.54% | 2.60% | 3.69% | -6.30% | -0.95% | 4.84% | -5.56% |
| 2023 | -0.13% | -2.73% | 4.50% | 7.15% | -8.02% | 14.53% | -5.12% | -13.77% | -5.59% | -6.96% | 11.40% | 4.84% |
| 2022 | -3.16% | 3.39% | 3.77% | -5.59% | -0.45% | -12.41% | 5.07% | -3.69% | -1.44% | 8.42% | 5.96% | 6.36% |
| 2021 | -0.27% | 6.11% | -1.68% | 10.67% | -4.98% | -4.32% | 1.62% | -7.94% | -2.56% | -2.21% | -16.43% | 6.42% |
| 2020 | -7.94% | -25.57% | 18.42% | 5.55% | -5.33% | 12.99% | 4.46% | -3.19% | -2.97% | 12.88% | 3.50% | |
| Avg | 0.02% | 0.88% | -1.69% | 0.57% | -3.26% | -1.29% | 3.82% | -0.25% | -4.34% | -0.43% | 2.60% | 1.34% |
Jul is the seasonally strongest month over 5Y.
Jul averages +3.8% with a 86% win rate across 5 years of history.
Sep shows persistent seasonal weakness.
Sep averages -4.3% with only a 0% win rate across 5 years of history.
Q4 (Oct–Nov–Dec) is the seasonally strongest quarter.
The three months of Q4 combine for a +3.5% average return historically.
Q1 historically shows a slow seasonal start.
Q1 (Jan–Mar) averages -0.8% historically, with January alone posting a 33% win rate.
2026 YTD is tracking above the 5Y seasonal average.
At day 155 of the year, the current YTD return is +15.6% vs the historical average for the same point.
ZBH - Average growth of $100 invested at start of year
5 years of data
ZBH Distribution of Daily Returns from 2021 to 2026
ZBH Distribution of Daily % Changes