AGRO vs ITW: Correlation
Adecoagro S.A. (AGRO) and Illinois Tool Works (ITW) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and ITW?
Across a 3-year window, the weekly returns of AGRO and ITW correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.20). Stretching to 5 years gives -0.01, with an annualized covariance of -160.7 %².
Within AGRO's tracked universe of 36 assets, ITW comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AGRO outperformed by 19.9 percentage points (+28.1% for AGRO against +8.2% for ITW). Risk is not evenly split, since AGRO carries 2.2 times the volatility of the other side.
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.
AGRO vs ITW: side by side
| AGRO (Adecoagro S.A.) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +28.1% | +8.2% |
| 5-year return | +29.1% | +36.1% |
| Volatility (ann.) | 41.7% | 19.0% |
| Beta vs S&P 500 | -0.27 | 0.64 |
| Max drawdown (3Y) | -41.3% | -20.6% |
| Market cap | $1.5B | $80.2B |
| P/E (trailing) | 28.9 | 25.8 |
| Dividend yield | 0.00% | 2.26% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AGRO | ITW |
|---|---|---|
| 2022 | +11.5% | -8.5% |
| 2023 | +38.6% | +21.6% |
| 2024 | -12.4% | -1.0% |
| 2025 | -14.3% | -0.4% |
| 2026 | +36.0% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and ITW good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGRO and ITW?
As of 2026-08-27, the correlation of weekly returns between AGRO and ITW is -0.20 over 3 years, -0.41 over 1 year and -0.01 over 5 years.
Is ITW a good diversifier for AGRO?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agro-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agro-vs-itw/)
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Related comparisons
Hubs: AGRO correlations · ITW correlations
