AXTA vs TPB: Correlation
Axalta Coating Systems Ltd. (AXTA) and Turning Point Brands, Inc. (TPB) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and TPB?
Over the past 3 years, AXTA and TPB moved with a correlation of 0.40, which is moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.40 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 537.5 %².
Among the 17 assets we track against AXTA, TPB ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AXTA outperformed by 30.8 percentage points (+16.6% for AXTA against -14.2% for TPB). Note the risk asymmetry: TPB runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TPB: side by side
| AXTA (Axalta Coating Systems Ltd.) | TPB (Turning Point Brands, Inc.) | |
|---|---|---|
| 1-year return | +16.6% | -14.2% |
| 5-year return | +18.4% | +74.4% |
| Volatility (ann.) | 29.8% | 44.7% |
| Beta vs S&P 500 | 1.01 | 0.76 |
| Max drawdown (3Y) | -38.4% | -50.6% |
| Market cap | $7.9B | $1.7B |
| P/E (trailing) | 22.5 | 38.3 |
| Dividend yield | 0.00% | 0.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXTA | TPB |
|---|---|---|
| 2022 | -23.1% | -42.2% |
| 2023 | +33.4% | +23.1% |
| 2024 | +0.7% | +130.1% |
| 2025 | -5.6% | +81.0% |
| 2026 | +13.6% | -22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and TPB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AXTA and TPB?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.43 over the last year and 0.37 over 5 years.
Is TPB a good diversifier for AXTA?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AXTA correlations · TPB correlations
