CARR vs IR: Correlation
How closely do Carrier Global (CARR) and Ingersoll Rand (IR) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and IR?
On 3 years of weekly data the CARR/IR correlation comes out at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.48 versus 0.61 over 3 years. The 5-year figure is 0.64, and annualized covariance runs at 596.3 %².
By 3-year correlation, IR places #6 of the 29 assets tracked against CARR. On 12-month performance IR holds a 9.6-point edge, -11.6% against -2.0%. The rolling one-year correlation moved between 0.47 and 0.73 over the past three years, a moderate range.
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 IR: side by side
| CARR (Carrier Global) | IR (Ingersoll Rand) | |
|---|---|---|
| 1-year return | -11.6% | -2.0% |
| 5-year return | +8.8% | +49.2% |
| Volatility (ann.) | 32.6% | 29.8% |
| Beta vs S&P 500 | 1.21 | 1.17 |
| Max drawdown (3Y) | -38.1% | -36.6% |
| Market cap | $48.5B | $30.6B |
| P/E (trailing) | 42.0 | 32.6 |
| Dividend yield | 1.61% | 0.15% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CARR | IR |
|---|---|---|
| 2022 | -22.7% | -15.4% |
| 2023 | +41.5% | +48.2% |
| 2024 | +20.3% | +17.1% |
| 2025 | -21.8% | -12.3% |
| 2026 | +12.6% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and IR good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and IR?
As of 2026-08-27, the correlation of weekly returns between CARR and IR is 0.61 over 3 years, 0.48 over 1 year and 0.64 over 5 years.
Is IR a good diversifier for CARR?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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/carr-vs-ir.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/carr-vs-ir/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CARR correlations · IR correlations
