CARR vs VIG: Correlation
How closely do Carrier Global (CARR) and Vanguard Dividend Appreciation ETF (VIG) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and VIG?
Over the past 3 years, CARR and VIG moved with a correlation of 0.57, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.57 over 3 years. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 220.6 %².
By 3-year correlation, VIG places #14 of the 29 assets tracked against CARR. Correlation aside, the last 12 months split them widely, with VIG ahead by 28.7 points (-11.6% versus +17.1%). On a rolling one-year basis the correlation drifted between 0.36 and 0.72, a moderate band. One caveat on sizing: CARR is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VIG: side by side
| CARR (Carrier Global) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | -11.6% | +17.1% |
| 5-year return | +8.8% | +64.0% |
| Volatility (ann.) | 32.6% | 11.9% |
| Beta vs S&P 500 | 1.21 | 0.74 |
| Max drawdown (3Y) | -38.1% | -15.0% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.50% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $130.9B |
| Sector / category | Industrials | ETF · Dividend |
VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Year-by-year returns
| Year | CARR | VIG |
|---|---|---|
| 2022 | -22.7% | -9.8% |
| 2023 | +41.5% | +14.5% |
| 2024 | +20.3% | +17.0% |
| 2025 | -21.8% | +14.2% |
| 2026 | +12.6% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and VIG good diversifiers for each other?
Only partially. A correlation of 0.57 means CARR and VIG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CARR and VIG?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.37 over the last year and 0.63 over 5 years.
Is VIG a good diversifier for CARR?
Only partially. A correlation of 0.57 means CARR and VIG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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-vig.json
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Related comparisons
Hubs: CARR correlations · VIG correlations
