CARR vs RVT: Correlation
Carrier Global (CARR) and Royce Small-Cap Trust, Inc. (RVT) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and RVT?
Over the past 3 years, CARR and RVT moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 364.6 %².
By 3-year correlation, RVT places #10 of the 29 assets tracked against CARR. Their recent paths diverged sharply: over the last 12 months RVT outperformed by 39.0 percentage points (-11.6% for CARR against +27.4% for RVT). Risk is not evenly split, since CARR carries 1.7 times the volatility of the other side.
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 RVT: side by side
| CARR (Carrier Global) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -11.6% | +27.4% |
| 5-year return | +8.8% | +53.9% |
| Volatility (ann.) | 32.6% | 19.1% |
| Beta vs S&P 500 | 1.21 | 0.99 |
| Max drawdown (3Y) | -38.1% | -23.5% |
| Market cap | $48.5B | $2.3B |
| P/E (trailing) | 42.0 | 6.5 |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | RVT |
|---|---|---|
| 2022 | -22.7% | -26.3% |
| 2023 | +41.5% | +18.8% |
| 2024 | +20.3% | +17.9% |
| 2025 | -21.8% | +11.5% |
| 2026 | +12.6% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and RVT good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and RVT?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.50 over the last year and 0.63 over 5 years.
Is RVT a good diversifier for CARR?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/carr-vs-rvt.json
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Related comparisons
Hubs: CARR correlations · RVT correlations
