AVY vs EMN: Correlation
Avery Dennison (AVY) and Eastman Chemical Company (EMN) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and EMN?
Over the past 3 years, AVY and EMN 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 0.60, and the annualized covariance of weekly returns is 355.6 %².
By 3-year correlation, EMN places #12 of the 38 assets tracked against AVY. Over the last 12 months EMN came out ahead by 5.5 percentage points (+5.3% against +10.8%). Note the risk asymmetry: EMN runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 EMN: side by side
| AVY (Avery Dennison) | EMN (Eastman Chemical Company) | |
|---|---|---|
| 1-year return | +5.3% | +10.8% |
| 5-year return | -14.0% | -22.9% |
| Volatility (ann.) | 20.2% | 30.5% |
| Beta vs S&P 500 | 0.61 | 0.95 |
| Max drawdown (3Y) | -30.6% | -48.4% |
| Market cap | $13.5B | $8.3B |
| P/E (trailing) | 20.0 | 18.9 |
| Dividend yield | 2.10% | 4.59% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | EMN |
|---|---|---|
| 2022 | -15.1% | -30.4% |
| 2023 | +13.7% | +14.7% |
| 2024 | -5.9% | +5.1% |
| 2025 | -0.7% | -26.9% |
| 2026 | -0.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and EMN 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 AVY and EMN?
As of 2026-08-27, the correlation of weekly returns between AVY and EMN is 0.58 over 3 years, 0.55 over 1 year and 0.60 over 5 years.
Is EMN a good diversifier for AVY?
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/avy-vs-emn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avy-vs-emn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVY correlations · EMN correlations
