AVY vs SHW: Correlation
Measured on weekly returns over the past three years, Avery Dennison (AVY) and Sherwin-Williams (SHW) 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 AVY and SHW?
On 3 years of weekly data the AVY/SHW correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. The 5-year figure is 0.58, and annualized covariance runs at 274.9 %².
Among the 38 assets we track against AVY, SHW ranks #16 by 3-year correlation. Over the last 12 months AVY came out ahead by 10.4 percentage points (+5.3% against -5.1%). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.65.
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 SHW: side by side
| AVY (Avery Dennison) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +5.3% | -5.1% |
| 5-year return | -14.0% | +18.3% |
| Volatility (ann.) | 20.2% | 24.6% |
| Beta vs S&P 500 | 0.61 | 0.79 |
| Max drawdown (3Y) | -30.6% | -25.7% |
| Market cap | $13.5B | $83.8B |
| P/E (trailing) | 20.0 | 31.8 |
| Dividend yield | 2.10% | 0.91% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | AVY | SHW |
|---|---|---|
| 2022 | -15.1% | -32.0% |
| 2023 | +13.7% | +32.7% |
| 2024 | -5.9% | +9.9% |
| 2025 | -0.7% | -3.8% |
| 2026 | -0.8% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and SHW good diversifiers for each other?
Only partially. A correlation of 0.55 means AVY and SHW 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 SHW?
As of 2026-08-27, the correlation of weekly returns between AVY and SHW is 0.55 over 3 years, 0.56 over 1 year and 0.58 over 5 years.
Is SHW a good diversifier for AVY?
Only partially. A correlation of 0.55 means AVY and SHW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avy-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/avy-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVY correlations · SHW correlations
