AZZ vs RMT: Correlation
How closely do AZZ Inc. (AZZ) and Royce Micro-Cap Trust, Inc. (RMT) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZZ and RMT?
Over the past 3 years, AZZ and RMT moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 414.8 %².
Among the 11 assets we track against AZZ, RMT ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RMT ahead by 27.6 points (+20.8% versus +48.4%). Risk is not evenly split, since AZZ carries 1.6 times the volatility of the other side.
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.
AZZ vs RMT: side by side
| AZZ (AZZ Inc.) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | +20.8% | +48.4% |
| 5-year return | +177.7% | +80.1% |
| Volatility (ann.) | 32.5% | 20.5% |
| Beta vs S&P 500 | 1.09 | 1.09 |
| Max drawdown (3Y) | -23.7% | -26.4% |
| Market cap | $4.2B | $0.8B |
| P/E (trailing) | 21.5 | 8.5 |
| Dividend yield | 0.57% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AZZ | RMT |
|---|---|---|
| 2022 | -26.1% | -16.8% |
| 2023 | +46.8% | +15.8% |
| 2024 | +42.3% | +14.0% |
| 2025 | +31.9% | +16.1% |
| 2026 | +31.0% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZZ and RMT good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AZZ and RMT?
As of 2026-08-27, the correlation of weekly returns between AZZ and RMT is 0.62 over 3 years, 0.58 over 1 year and 0.65 over 5 years.
Is RMT a good diversifier for AZZ?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/azz-vs-rmt.json
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Hubs: AZZ correlations · RMT correlations
