CARR vs LII: Correlation
How closely do Carrier Global (CARR) and Lennox International (LII) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and LII?
Over the past 3 years, CARR and LII moved with a correlation of 0.70, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 733.2 %².
LII is one of the assets that tracks CARR most closely: it ranks #2 out of the 29 assets we track against CARR. The last year tells two different stories: CARR led by 18.7 percentage points, -11.6% for CARR against -30.3% for LII. The rolling one-year correlation moved between 0.49 and 0.79 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 LII: side by side
| CARR (Carrier Global) | LII (Lennox International) | |
|---|---|---|
| 1-year return | -11.6% | -30.3% |
| 5-year return | +8.8% | +23.7% |
| Volatility (ann.) | 32.6% | 32.0% |
| Beta vs S&P 500 | 1.21 | 0.96 |
| Max drawdown (3Y) | -38.1% | -41.7% |
| Market cap | $48.5B | $13.5B |
| P/E (trailing) | 42.0 | 17.5 |
| Dividend yield | 1.61% | 1.34% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CARR | LII |
|---|---|---|
| 2022 | -22.7% | -24.9% |
| 2023 | +41.5% | +89.5% |
| 2024 | +20.3% | +37.3% |
| 2025 | -21.8% | -19.5% |
| 2026 | +12.6% | -19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and LII good diversifiers for each other?
To a limited degree. At 0.70 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 CARR and LII?
The CARR/LII correlation stands at 0.70 on a 3-year window (1 year: 0.78, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is LII a good diversifier for CARR?
To a limited degree. At 0.70 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 0.70 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-lii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/carr-vs-lii/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CARR correlations · LII correlations
