CARR vs VTV: Correlation
How closely do Carrier Global (CARR) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and VTV?
Over the past 3 years, CARR and VTV moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 231.6 %².
Among the 29 assets we track against CARR, VTV ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VTV ahead by 37.3 points (-11.6% versus +25.7%). The rolling one-year correlation moved between 0.43 and 0.73 over the past three years, a moderate range. Risk is not evenly split, since CARR carries 2.7 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 VTV: side by side
| CARR (Carrier Global) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | -11.6% | +25.7% |
| 5-year return | +8.8% | +79.1% |
| Volatility (ann.) | 32.6% | 11.9% |
| Beta vs S&P 500 | 1.21 | 0.65 |
| Max drawdown (3Y) | -38.1% | -14.5% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.86% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $256.4B |
| Sector / category | Industrials | ETF · US Style |
On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Year-by-year returns
| Year | CARR | VTV |
|---|---|---|
| 2022 | -22.7% | -2.1% |
| 2023 | +41.5% | +9.3% |
| 2024 | +20.3% | +16.0% |
| 2025 | -21.8% | +15.3% |
| 2026 | +12.6% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that VTV holds CARR at a 0.18% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CARR and VTV good diversifiers for each other?
To a limited degree. At 0.60 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 VTV?
The CARR/VTV correlation stands at 0.60 on a 3-year window (1 year: 0.50, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is VTV a good diversifier for CARR?
To a limited degree. At 0.60 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 0.60 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-vtv.json
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Related comparisons
Hubs: CARR correlations · VTV correlations
