AIT vs LECO: Correlation
Applied Industrial Technologies, Inc. (AIT) and Lincoln Electric Holdings, Inc. (LECO) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and LECO?
Over the past 3 years, AIT and LECO moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 487.0 %².
Within AIT's tracked universe of 26 assets, LECO comes in at #5 by 3-year correlation. On 12-month performance AIT holds a 8.5-point edge, +26.9% against +18.4%.
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 LECO: side by side
| AIT (Applied Industrial Technologies, Inc.) | LECO (Lincoln Electric Holdings, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +18.4% |
| 5-year return | +291.4% | +120.5% |
| Volatility (ann.) | 26.0% | 27.9% |
| Beta vs S&P 500 | 1.03 | 1.03 |
| Max drawdown (3Y) | -26.4% | -34.3% |
| Market cap | $12.4B | $15.8B |
| P/E (trailing) | 31.2 | 29.0 |
| Dividend yield | 0.57% | 1.08% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | LECO |
|---|---|---|
| 2022 | +24.2% | +5.4% |
| 2023 | +38.4% | +52.6% |
| 2024 | +39.7% | -12.6% |
| 2025 | +8.0% | +29.6% |
| 2026 | +32.4% | +21.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and LECO good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AIT and LECO?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.69 over the last year and 0.66 over 5 years.
Is LECO a good diversifier for AIT?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ait-vs-leco.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ait-vs-leco/)
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Related comparisons
Hubs: AIT correlations · LECO correlations
