CARR vs TT: Correlation
Carrier Global (CARR) and Trane Technologies (TT) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and TT?
On 3 years of weekly data the CARR/TT correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 657.5 %².
Few assets follow CARR as closely as TT, which ranks #1 of 29 tracked partners. The last year tells two different stories: TT led by 19.4 percentage points, -11.6% for CARR against +7.8% for TT. The rolling one-year correlation moved between 0.55 and 0.82 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 TT: side by side
| CARR (Carrier Global) | TT (Trane Technologies) | |
|---|---|---|
| 1-year return | -11.6% | +7.8% |
| 5-year return | +8.8% | +141.4% |
| Volatility (ann.) | 32.6% | 27.8% |
| Beta vs S&P 500 | 1.21 | 1.19 |
| Max drawdown (3Y) | -38.1% | -24.4% |
| Market cap | $48.5B | $100.0B |
| P/E (trailing) | 42.0 | 33.8 |
| Dividend yield | 1.61% | 0.86% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CARR | TT |
|---|---|---|
| 2022 | -22.7% | -15.3% |
| 2023 | +41.5% | +47.4% |
| 2024 | +20.3% | +53.0% |
| 2025 | -21.8% | +6.1% |
| 2026 | +12.6% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and TT good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and TT?
As of 2026-08-27, the correlation of weekly returns between CARR and TT is 0.72 over 3 years, 0.63 over 1 year and 0.75 over 5 years.
Is TT a good diversifier for CARR?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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-tt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/carr-vs-tt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CARR correlations · TT correlations
