AOS vs OTIS: Correlation
Measured on weekly returns over the past three years, A. O. Smith (AOS) and Otis Worldwide (OTIS) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOS and OTIS?
Over the past 3 years, AOS and OTIS moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.55). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 246.3 %².
Within AOS's tracked universe of 33 assets, OTIS comes in at #17 by 3-year correlation. Neither side won the trailing year by much: -12.6% against -16.8%. Across three years, the rolling one-year figure varied moderately, from 0.36 to 0.80.
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.
AOS vs OTIS: side by side
| AOS (A. O. Smith) | OTIS (Otis Worldwide) | |
|---|---|---|
| 1-year return | -12.6% | -16.8% |
| 5-year return | -6.7% | -15.9% |
| Volatility (ann.) | 23.5% | 19.1% |
| Beta vs S&P 500 | 0.67 | 0.59 |
| Max drawdown (3Y) | -36.9% | -32.4% |
| Market cap | $8.4B | $27.2B |
| P/E (trailing) | 17.4 | 18.4 |
| Dividend yield | 2.27% | 2.35% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | AOS | OTIS |
|---|---|---|
| 2022 | -32.1% | -8.8% |
| 2023 | +46.7% | +16.0% |
| 2024 | -15.9% | +5.2% |
| 2025 | +0.1% | -4.0% |
| 2026 | -5.8% | -16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOS and OTIS good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AOS and OTIS?
As of 2026-08-27, the correlation of weekly returns between AOS and OTIS is 0.55 over 3 years, 0.43 over 1 year and 0.62 over 5 years.
Is OTIS a good diversifier for AOS?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 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.
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Related comparisons
Hubs: AOS correlations · OTIS correlations
