CARR vs CAT: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and Caterpillar Inc. (CAT) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and CAT?
On 3 years of weekly data the CARR/CAT correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.62 over 1 year against 0.57 over 3. The 5-year figure is 0.54, and annualized covariance runs at 551.5 %².
Among the 29 assets we track against CARR, CAT ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CAT ahead by 102.1 points (-11.6% versus +90.5%). Across three years, the rolling one-year figure varied moderately, from 0.29 to 0.71.
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.
CARR vs CAT: side by side
| CARR (Carrier Global) | CAT (Caterpillar Inc.) | |
|---|---|---|
| 1-year return | -11.6% | +90.5% |
| 5-year return | +8.8% | +321.1% |
| Volatility (ann.) | 32.6% | 29.4% |
| Beta vs S&P 500 | 1.21 | 1.03 |
| Max drawdown (3Y) | -38.1% | -34.0% |
| Market cap | $48.5B | $375.6B |
| P/E (trailing) | 42.0 | 35.3 |
| Dividend yield | 1.61% | 0.75% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CARR | CAT |
|---|---|---|
| 2022 | -22.7% | +18.6% |
| 2023 | +41.5% | +25.9% |
| 2024 | +20.3% | +24.7% |
| 2025 | -21.8% | +60.3% |
| 2026 | +12.6% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and CAT good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and CAT?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.62 over the last year and 0.54 over 5 years.
Is CAT a good diversifier for CARR?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/carr-vs-cat.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/carr-vs-cat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CARR correlations · CAT correlations
