ALGN vs FTV: Correlation
How closely do Align Technology (ALGN) and Fortive (FTV) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGN and FTV?
Over the past 3 years, ALGN and FTV moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 615.3 %².
Few assets follow ALGN as closely as FTV, which ranks #3 of 37 tracked partners. Over the last 12 months FTV came out ahead by 12.0 percentage points (+11.9% against +23.9%). On a rolling one-year basis the correlation drifted between 0.45 and 0.73, a moderate band. One caveat on sizing: ALGN 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.
ALGN vs FTV: side by side
| ALGN (Align Technology) | FTV (Fortive) | |
|---|---|---|
| 1-year return | +11.9% | +23.9% |
| 5-year return | -77.4% | +9.6% |
| Volatility (ann.) | 44.3% | 23.8% |
| Beta vs S&P 500 | 1.51 | 0.92 |
| Max drawdown (3Y) | -66.7% | -28.0% |
| Market cap | $11.3B | $18.1B |
| P/E (trailing) | 27.6 | 31.9 |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | Health Care | Industrials |
Year-by-year returns
| Year | ALGN | FTV |
|---|---|---|
| 2022 | -67.9% | -15.4% |
| 2023 | +29.9% | +15.1% |
| 2024 | -23.9% | +2.3% |
| 2025 | -25.1% | -1.9% |
| 2026 | +1.7% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGN and FTV good diversifiers for each other?
To a limited degree. At 0.58 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 ALGN and FTV?
The ALGN/FTV correlation stands at 0.58 on a 3-year window (1 year: 0.55, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is FTV a good diversifier for ALGN?
To a limited degree. At 0.58 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 0.58 mean?
On the −1 to +1 scale, 0.58 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/algn-vs-ftv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/algn-vs-ftv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALGN correlations · FTV correlations
