AWI vs ZWS: Correlation
How closely do Armstrong World Industries Inc (AWI) and Zurn Elkay Water Solutions Corporation (ZWS) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and ZWS?
Across a 3-year window, the weekly returns of AWI and ZWS correlate at 0.63, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.63 over 3 years. Stretching to 5 years gives 0.61, with an annualized covariance of 476.2 %².
ZWS is one of the assets that tracks AWI most closely: it ranks #3 out of the 15 assets we track against AWI. Correlation aside, the last 12 months split them widely, with ZWS ahead by 15.8 points (-10.5% versus +5.3%).
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 ZWS: side by side
| AWI (Armstrong World Industries Inc) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | -10.5% | +5.3% |
| 5-year return | +76.7% | +71.6% |
| Volatility (ann.) | 27.3% | 27.7% |
| Beta vs S&P 500 | 0.88 | 0.89 |
| Max drawdown (3Y) | -25.2% | -30.2% |
| Market cap | $7.4B | $8.1B |
| P/E (trailing) | 24.3 | 30.5 |
| Dividend yield | 0.76% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | ZWS |
|---|---|---|
| 2022 | -40.3% | -41.5% |
| 2023 | +45.4% | +40.6% |
| 2024 | +45.1% | +28.1% |
| 2025 | +36.2% | +25.8% |
| 2026 | -7.6% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and ZWS good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWI and ZWS?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.50 over the last year and 0.61 over 5 years.
Is ZWS a good diversifier for AWI?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 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-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awi-vs-zws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWI correlations · ZWS correlations
