AZO vs SHW: Correlation
Measured on weekly returns over the past three years, AutoZone (AZO) and Sherwin-Williams (SHW) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and SHW?
Across a 3-year window, the weekly returns of AZO and SHW correlate at 0.45, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.45 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 257.2 %².
SHW is one of the assets that tracks AZO most closely: it ranks #2 out of the 30 assets we track against AZO. Correlation aside, the last 12 months split them widely, with SHW ahead by 25.2 points (-30.3% versus -5.1%). Across three years, the rolling one-year figure varied moderately, from 0.21 to 0.53.
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 SHW: side by side
| AZO (AutoZone) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | -30.3% | -5.1% |
| 5-year return | +88.5% | +18.3% |
| Volatility (ann.) | 23.2% | 24.6% |
| Beta vs S&P 500 | 0.31 | 0.79 |
| Max drawdown (3Y) | -32.9% | -25.7% |
| Market cap | – | $83.8B |
| P/E (trailing) | 20.6 | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | Consumer Discretionary | Materials |
Year-by-year returns
| Year | AZO | SHW |
|---|---|---|
| 2022 | +17.6% | -32.0% |
| 2023 | +4.8% | +32.7% |
| 2024 | +23.8% | +9.9% |
| 2025 | +5.9% | -3.8% |
| 2026 | -13.5% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and SHW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AZO and SHW?
The AZO/SHW correlation stands at 0.45 on a 3-year window (1 year: 0.45, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SHW a good diversifier for AZO?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azo-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/azo-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AZO correlations · SHW correlations
