AWI vs SHW: Correlation
How closely do Armstrong World Industries Inc (AWI) and Sherwin-Williams (SHW) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and SHW?
Across a 3-year window, the weekly returns of AWI and SHW correlate at 0.64, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.64). Stretching to 5 years gives 0.55, with an annualized covariance of 428.3 %².
SHW is one of the assets that tracks AWI most closely: it ranks #1 out of the 15 assets we track against AWI. On 12-month performance SHW holds a 5.4-point edge, -10.5% against -5.1%.
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.
AWI vs SHW: side by side
| AWI (Armstrong World Industries Inc) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | -10.5% | -5.1% |
| 5-year return | +76.7% | +18.3% |
| Volatility (ann.) | 27.3% | 24.6% |
| Beta vs S&P 500 | 0.88 | 0.79 |
| Max drawdown (3Y) | -25.2% | -25.7% |
| Market cap | $7.4B | $83.8B |
| P/E (trailing) | 24.3 | 31.8 |
| Dividend yield | 0.76% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AWI | SHW |
|---|---|---|
| 2022 | -40.3% | -32.0% |
| 2023 | +45.4% | +32.7% |
| 2024 | +45.1% | +9.9% |
| 2025 | +36.2% | -3.8% |
| 2026 | -7.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and SHW good diversifiers for each other?
Only partially. A correlation of 0.64 means AWI 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 AWI and SHW?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.50 over the last year and 0.55 over 5 years.
Is SHW a good diversifier for AWI?
Only partially. A correlation of 0.64 means AWI 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 0.64 mean?
A reading of 0.64 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/awi-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/awi-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AWI correlations · SHW correlations
