AIT vs WWD: Correlation
Measured on weekly returns over the past three years, Applied Industrial Technologies, Inc. (AIT) and Woodward, Inc. (WWD) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and WWD?
Over the past 3 years, AIT and WWD moved with a correlation of 0.61, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.61 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 534.5 %².
Among the 26 assets we track against AIT, WWD ranks #9 by 3-year correlation. The trailing year gives WWD the advantage: +26.9% versus +39.2%, a 12.3-point spread.
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 WWD: side by side
| AIT (Applied Industrial Technologies, Inc.) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +39.2% |
| 5-year return | +291.4% | +191.7% |
| Volatility (ann.) | 26.0% | 33.5% |
| Beta vs S&P 500 | 1.03 | 1.09 |
| Max drawdown (3Y) | -26.4% | -23.6% |
| Market cap | $12.4B | $20.4B |
| P/E (trailing) | 31.2 | 38.5 |
| Dividend yield | 0.57% | 0.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | WWD |
|---|---|---|
| 2022 | +24.2% | -11.1% |
| 2023 | +38.4% | +42.0% |
| 2024 | +39.7% | +23.0% |
| 2025 | +8.0% | +82.6% |
| 2026 | +32.4% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and WWD good diversifiers for each other?
Only partially. A correlation of 0.61 means AIT and WWD 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 WWD?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.70 over the last year and 0.56 over 5 years.
Is WWD a good diversifier for AIT?
Only partially. A correlation of 0.61 means AIT and WWD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 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-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ait-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AIT correlations · WWD correlations
