CARR vs EQS: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and Equus Total Return, Inc. (EQS) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and EQS?
Over the past 3 years, CARR and EQS moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.19). Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -298.6 %².
Among the 29 assets we track against CARR, EQS ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CARR ahead by 37.9 points (-11.6% versus -49.5%).
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 EQS: side by side
| CARR (Carrier Global) | EQS (Equus Total Return, Inc.) | |
|---|---|---|
| 1-year return | -11.6% | -49.5% |
| 5-year return | +8.8% | -58.6% |
| Volatility (ann.) | 32.6% | 47.4% |
| Beta vs S&P 500 | 1.21 | -0.16 |
| Max drawdown (3Y) | -38.1% | -58.6% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | EQS |
|---|---|---|
| 2022 | -22.7% | -39.9% |
| 2023 | +41.5% | +1.4% |
| 2024 | +20.3% | -24.1% |
| 2025 | -21.8% | +28.2% |
| 2026 | +12.6% | -27.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and EQS good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CARR and EQS?
The CARR/EQS correlation stands at -0.19 on a 3-year window (1 year: -0.43, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is EQS a good diversifier for CARR?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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.
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Related comparisons
Hubs: CARR correlations · EQS correlations
