BALL vs ITW: Correlation
Measured on weekly returns over the past three years, Ball Corporation (BALL) and Illinois Tool Works (ITW) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BALL and ITW?
Across a 3-year window, the weekly returns of BALL and ITW correlate at 0.54, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.54). Stretching to 5 years gives 0.49, with an annualized covariance of 274.3 %².
By 3-year correlation, ITW places #11 of the 41 assets tracked against BALL. Over the last 12 months BALL came out ahead by 14.7 percentage points (+22.9% against +8.2%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.14 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment.
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.
BALL vs ITW: side by side
| BALL (Ball Corporation) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +22.9% | +8.2% |
| 5-year return | -29.3% | +36.1% |
| Volatility (ann.) | 26.9% | 19.0% |
| Beta vs S&P 500 | 0.43 | 0.64 |
| Max drawdown (3Y) | -35.6% | -20.6% |
| Market cap | $16.8B | $80.2B |
| P/E (trailing) | 18.4 | 25.8 |
| Dividend yield | 1.25% | 2.26% |
| Sector / category | Materials | Industrials |
Year-by-year returns
| Year | BALL | ITW |
|---|---|---|
| 2022 | -46.2% | -8.5% |
| 2023 | +14.1% | +21.6% |
| 2024 | -3.0% | -1.0% |
| 2025 | -2.4% | -0.4% |
| 2026 | +20.4% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BALL and ITW good diversifiers for each other?
To a limited degree. At 0.54 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 BALL and ITW?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.68 over the last year and 0.49 over 5 years.
Is ITW a good diversifier for BALL?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/ball-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ball-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BALL correlations · ITW correlations
