AXTA vs SHW: Correlation
How closely do Axalta Coating Systems Ltd. (AXTA) and Sherwin-Williams (SHW) 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 AXTA and SHW?
Over the past 3 years, AXTA and SHW moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 465.6 %².
Among the 17 assets we track against AXTA, SHW ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AXTA outperformed by 21.7 percentage points (+16.6% for AXTA against -5.1% for SHW).
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.
AXTA vs SHW: side by side
| AXTA (Axalta Coating Systems Ltd.) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +16.6% | -5.1% |
| 5-year return | +18.4% | +18.3% |
| Volatility (ann.) | 29.8% | 24.6% |
| Beta vs S&P 500 | 1.01 | 0.79 |
| Max drawdown (3Y) | -38.4% | -25.7% |
| Market cap | $7.9B | $83.8B |
| P/E (trailing) | 22.5 | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AXTA | SHW |
|---|---|---|
| 2022 | -23.1% | -32.0% |
| 2023 | +33.4% | +32.7% |
| 2024 | +0.7% | +9.9% |
| 2025 | -5.6% | -3.8% |
| 2026 | +13.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and SHW 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 AXTA and SHW?
As of 2026-08-27, the correlation of weekly returns between AXTA and SHW is 0.63 over 3 years, 0.66 over 1 year and 0.63 over 5 years.
Is SHW a good diversifier for AXTA?
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/axta-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/axta-vs-shw/)
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Related comparisons
Hubs: AXTA correlations · SHW correlations
