AIT vs GHM: Correlation
Applied Industrial Technologies, Inc. (AIT) and Graham Corporation (GHM) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and GHM?
Across a 3-year window, the weekly returns of AIT and GHM correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 726.2 %².
Within AIT's tracked universe of 26 assets, GHM comes in at #13 by 3-year correlation. The last year tells two different stories: GHM led by 59.3 percentage points, +26.9% for AIT against +86.2% for GHM. One caveat on sizing: GHM is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GHM: side by side
| AIT (Applied Industrial Technologies, Inc.) | GHM (Graham Corporation) | |
|---|---|---|
| 1-year return | +26.9% | +86.2% |
| 5-year return | +291.4% | +676.7% |
| Volatility (ann.) | 26.0% | 49.3% |
| Beta vs S&P 500 | 1.03 | 1.56 |
| Max drawdown (3Y) | -26.4% | -46.5% |
| Market cap | $12.4B | $1.1B |
| P/E (trailing) | 31.2 | 88.9 |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | GHM |
|---|---|---|
| 2022 | +24.2% | -22.7% |
| 2023 | +38.4% | +97.2% |
| 2024 | +39.7% | +134.4% |
| 2025 | +8.0% | +44.4% |
| 2026 | +32.4% | +45.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and GHM good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AIT and GHM?
The AIT/GHM correlation stands at 0.57 on a 3-year window (1 year: 0.61, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is GHM a good diversifier for AIT?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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.
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Related comparisons
Hubs: AIT correlations · GHM correlations
