AZO vs L: Correlation
AutoZone (AZO) and Loews Corporation (L) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and L?
Across a 3-year window, the weekly returns of AZO and L correlate at 0.35, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.35 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 136.3 %².
Within AZO's tracked universe of 30 assets, L comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months L outperformed by 44.5 percentage points (-30.3% for AZO against +14.2% for L). Across three years, the rolling one-year figure varied moderately, from 0.11 to 0.46.
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.
AZO vs L: side by side
| AZO (AutoZone) | L (Loews Corporation) | |
|---|---|---|
| 1-year return | -30.3% | +14.2% |
| 5-year return | +88.5% | +100.1% |
| Volatility (ann.) | 23.2% | 16.6% |
| Beta vs S&P 500 | 0.31 | 0.33 |
| Max drawdown (3Y) | -32.9% | -12.2% |
| Market cap | – | $22.5B |
| P/E (trailing) | 20.6 | 13.5 |
| Dividend yield | 0.00% | 0.23% |
| Sector / category | Consumer Discretionary | Financials |
Year-by-year returns
| Year | AZO | L |
|---|---|---|
| 2022 | +17.6% | +1.4% |
| 2023 | +4.8% | +19.8% |
| 2024 | +23.8% | +22.1% |
| 2025 | +5.9% | +24.7% |
| 2026 | -13.5% | +4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and L good diversifiers for each other?
Reasonably. At 0.35, AZO and L keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AZO and L?
The AZO/L correlation stands at 0.35 on a 3-year window (1 year: 0.39, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is L a good diversifier for AZO?
Reasonably. At 0.35, AZO and L keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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/azo-vs-l.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/azo-vs-l/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AZO correlations · L correlations
