CARR vs WSO: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and Watsco, Inc. (WSO) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and WSO?
On 3 years of weekly data the CARR/WSO correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.69 over 3. The 5-year figure is 0.71, and annualized covariance runs at 722.6 %².
WSO is one of the assets that tracks CARR most closely: it ranks #3 out of the 29 assets we track against CARR. The trailing year gives CARR the advantage: -11.6% versus -20.8%, a 9.2-point spread.
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 WSO: side by side
| CARR (Carrier Global) | WSO (Watsco, Inc.) | |
|---|---|---|
| 1-year return | -11.6% | -20.8% |
| 5-year return | +8.8% | +28.2% |
| Volatility (ann.) | 32.6% | 31.9% |
| Beta vs S&P 500 | 1.21 | 1.05 |
| Max drawdown (3Y) | -38.1% | -44.1% |
| Market cap | $48.5B | $12.9B |
| P/E (trailing) | 42.0 | 27.0 |
| Dividend yield | 1.61% | 3.91% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | WSO |
|---|---|---|
| 2022 | -22.7% | -17.7% |
| 2023 | +41.5% | +77.0% |
| 2024 | +20.3% | +13.2% |
| 2025 | -21.8% | -27.0% |
| 2026 | +12.6% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and WSO good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and WSO?
As of 2026-08-27, the correlation of weekly returns between CARR and WSO is 0.69 over 3 years, 0.68 over 1 year and 0.71 over 5 years.
Is WSO a good diversifier for CARR?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/carr-vs-wso.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/carr-vs-wso/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARR correlations · WSO correlations
