AIT vs FAST: Correlation
How closely do Applied Industrial Technologies, Inc. (AIT) and Fastenal (FAST) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and FAST?
Over the past 3 years, AIT and FAST moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 335.2 %².
Among the 26 assets we track against AIT, FAST ranks #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AIT outperformed by 22.8 percentage points (+26.9% for AIT against +4.1% for FAST).
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.
AIT vs FAST: side by side
| AIT (Applied Industrial Technologies, Inc.) | FAST (Fastenal) | |
|---|---|---|
| 1-year return | +26.9% | +4.1% |
| 5-year return | +291.4% | +105.5% |
| Volatility (ann.) | 26.0% | 24.0% |
| Beta vs S&P 500 | 1.03 | 0.63 |
| Max drawdown (3Y) | -26.4% | -21.9% |
| Market cap | $12.4B | $58.7B |
| P/E (trailing) | 31.2 | 43.7 |
| Dividend yield | 0.57% | 1.80% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AIT | FAST |
|---|---|---|
| 2022 | +24.2% | -24.3% |
| 2023 | +38.4% | +41.3% |
| 2024 | +39.7% | +13.5% |
| 2025 | +8.0% | +14.0% |
| 2026 | +32.4% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and FAST good diversifiers for each other?
Only partially. A correlation of 0.54 means AIT and FAST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AIT and FAST?
The AIT/FAST correlation stands at 0.54 on a 3-year window (1 year: 0.54, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is FAST a good diversifier for AIT?
Only partially. A correlation of 0.54 means AIT and FAST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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.
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Related comparisons
Hubs: AIT correlations · FAST correlations
