AVY vs CSL: Correlation
Avery Dennison (AVY) and Carlisle Companies Incorporated (CSL) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and CSL?
On 3 years of weekly data the AVY/CSL correlation comes out at 0.62, strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.62 over 3. The 5-year figure is 0.59, and annualized covariance runs at 422.8 %².
Within AVY's tracked universe of 38 assets, CSL comes in at #5 by 3-year correlation. Over the last 12 months AVY came out ahead by 11.7 percentage points (+5.3% against -6.4%). Risk is not evenly split, since CSL carries 1.7 times the volatility of the other side.
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.
AVY vs CSL: side by side
| AVY (Avery Dennison) | CSL (Carlisle Companies Incorporated) | |
|---|---|---|
| 1-year return | +5.3% | -6.4% |
| 5-year return | -14.0% | +78.0% |
| Volatility (ann.) | 20.2% | 33.9% |
| Beta vs S&P 500 | 0.61 | 1.10 |
| Max drawdown (3Y) | -30.6% | -37.7% |
| Market cap | $13.5B | $14.3B |
| P/E (trailing) | 20.0 | 20.5 |
| Dividend yield | 2.10% | 1.20% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | CSL |
|---|---|---|
| 2022 | -15.1% | -4.1% |
| 2023 | +13.7% | +34.3% |
| 2024 | -5.9% | +19.1% |
| 2025 | -0.7% | -12.3% |
| 2026 | -0.8% | +13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and CSL good diversifiers for each other?
Only partially. A correlation of 0.62 means AVY and CSL 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 AVY and CSL?
The AVY/CSL correlation stands at 0.62 on a 3-year window (1 year: 0.60, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is CSL a good diversifier for AVY?
Only partially. A correlation of 0.62 means AVY and CSL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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/avy-vs-csl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avy-vs-csl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVY correlations · CSL correlations
