AVY vs PPG: Correlation
How closely do Avery Dennison (AVY) and PPG Industries (PPG) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and PPG?
Across a 3-year window, the weekly returns of AVY and PPG correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 342.6 %².
PPG is one of the assets that tracks AVY most closely: it ranks #1 out of the 38 assets we track against AVY. Twelve-month performance is nearly a tie, at +5.3% for AVY and +3.8% for PPG. The rolling one-year correlation stayed in a tight band between 0.58 and 0.75 over the past three years, which points to a structural rather than episodic relationship.
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 PPG: side by side
| AVY (Avery Dennison) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +5.3% | +3.8% |
| 5-year return | -14.0% | -22.0% |
| Volatility (ann.) | 20.2% | 25.5% |
| Beta vs S&P 500 | 0.61 | 0.90 |
| Max drawdown (3Y) | -30.6% | -37.4% |
| Market cap | $13.5B | $25.2B |
| P/E (trailing) | 20.0 | 16.4 |
| Dividend yield | 2.10% | 2.48% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | AVY | PPG |
|---|---|---|
| 2022 | -15.1% | -25.7% |
| 2023 | +13.7% | +21.2% |
| 2024 | -5.9% | -18.5% |
| 2025 | -0.7% | -12.0% |
| 2026 | -0.8% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and PPG good diversifiers for each other?
Only partially. A correlation of 0.67 means AVY and PPG 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 PPG?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.60 over the last year and 0.67 over 5 years.
Is PPG a good diversifier for AVY?
Only partially. A correlation of 0.67 means AVY and PPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/avy-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AVY correlations · PPG correlations
