AIT vs TRNS: Correlation
Applied Industrial Technologies, Inc. (AIT) and Transcat, Inc. (TRNS) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and TRNS?
Over the past 3 years, AIT and TRNS moved with a correlation of 0.43, which is moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.43). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 563.2 %².
By 3-year correlation, TRNS places #20 of the 26 assets tracked against AIT. The last year tells two different stories: AIT led by 19.2 percentage points, +26.9% for AIT against +7.7% for TRNS. One caveat on sizing: TRNS 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 TRNS: side by side
| AIT (Applied Industrial Technologies, Inc.) | TRNS (Transcat, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +7.7% |
| 5-year return | +291.4% | +35.0% |
| Volatility (ann.) | 26.0% | 50.0% |
| Beta vs S&P 500 | 1.03 | 1.03 |
| Max drawdown (3Y) | -26.4% | -63.9% |
| Market cap | $12.4B | $0.8B |
| P/E (trailing) | 31.2 | 249.6 |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | TRNS |
|---|---|---|
| 2022 | +24.2% | -23.3% |
| 2023 | +38.4% | +54.3% |
| 2024 | +39.7% | -3.3% |
| 2025 | +8.0% | -46.3% |
| 2026 | +32.4% | +58.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and TRNS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIT and TRNS?
As of 2026-08-27, the correlation of weekly returns between AIT and TRNS is 0.43 over 3 years, 0.54 over 1 year and 0.46 over 5 years.
Is TRNS a good diversifier for AIT?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ait-vs-trns.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ait-vs-trns/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AIT correlations · TRNS correlations
