AVNT vs WTS: Correlation
How closely do Avient Corporation (AVNT) and Watts Water Technologies, Inc. (WTS) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNT and WTS?
Across a 3-year window, the weekly returns of AVNT and WTS correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 633.3 %².
By 3-year correlation, WTS places #6 of the 35 assets tracked against AVNT. On 12-month performance WTS holds a 10.2-point edge, +21.7% against +31.9%.
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.
AVNT vs WTS: side by side
| AVNT (Avient Corporation) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | +21.7% | +31.9% |
| 5-year return | -3.6% | +125.4% |
| Volatility (ann.) | 36.9% | 24.6% |
| Beta vs S&P 500 | 1.33 | 0.89 |
| Max drawdown (3Y) | -46.9% | -19.5% |
| Market cap | $4.1B | $12.4B |
| P/E (trailing) | 23.9 | 32.5 |
| Dividend yield | 2.45% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVNT | WTS |
|---|---|---|
| 2022 | -38.2% | -24.1% |
| 2023 | +26.4% | +43.6% |
| 2024 | +0.6% | -1.6% |
| 2025 | -21.2% | +36.8% |
| 2026 | +43.9% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVNT and WTS good diversifiers for each other?
To a limited degree. At 0.70 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 AVNT and WTS?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.77 over the last year and 0.63 over 5 years.
Is WTS a good diversifier for AVNT?
To a limited degree. At 0.70 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 0.70 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: AVNT correlations · WTS correlations
