BDX vs ITW: Correlation
How closely do Becton Dickinson (BDX) and Illinois Tool Works (ITW) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDX and ITW?
Over the past 3 years, BDX and ITW moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 191.7 %².
Among the 28 assets we track against BDX, ITW ranks #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BDX ahead by 17.3 points (+25.5% versus +8.2%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.33 and 0.56.
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.
BDX vs ITW: side by side
| BDX (Becton Dickinson) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +25.5% | +8.2% |
| 5-year return | +6.8% | +36.1% |
| Volatility (ann.) | 24.0% | 19.0% |
| Beta vs S&P 500 | 0.33 | 0.64 |
| Max drawdown (3Y) | -39.6% | -20.6% |
| Market cap | $51.2B | $80.2B |
| P/E (trailing) | 32.9 | 25.8 |
| Dividend yield | 2.20% | 2.26% |
| Sector / category | Health Care | Industrials |
Year-by-year returns
| Year | BDX | ITW |
|---|---|---|
| 2022 | +5.1% | -8.5% |
| 2023 | -2.7% | +21.6% |
| 2024 | -5.4% | -1.0% |
| 2025 | -12.6% | -0.4% |
| 2026 | +25.0% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDX and ITW good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BDX and ITW?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.46 over the last year and 0.41 over 5 years.
Is ITW a good diversifier for BDX?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/bdx-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdx-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BDX correlations · ITW correlations
