CAT vs NPO: Correlation
How closely do Caterpillar Inc. (CAT) and Enpro Inc. (NPO) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAT and NPO?
On 3 years of weekly data the CAT/NPO correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 620.0 %².
By 3-year correlation, NPO places #12 of the 36 assets tracked against CAT. Their recent paths diverged sharply: over the last 12 months CAT outperformed by 53.4 percentage points (+90.5% for CAT against +37.1% for NPO).
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.
CAT vs NPO: side by side
| CAT (Caterpillar Inc.) | NPO (Enpro Inc.) | |
|---|---|---|
| 1-year return | +90.5% | +37.1% |
| 5-year return | +321.1% | +270.5% |
| Volatility (ann.) | 29.4% | 34.4% |
| Beta vs S&P 500 | 1.03 | 1.27 |
| Max drawdown (3Y) | -34.0% | -33.7% |
| Market cap | $375.6B | $6.5B |
| P/E (trailing) | 35.3 | 149.1 |
| Dividend yield | 0.75% | 0.41% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CAT | NPO |
|---|---|---|
| 2022 | +18.6% | -0.2% |
| 2023 | +25.9% | +45.6% |
| 2024 | +24.7% | +10.9% |
| 2025 | +60.3% | +25.0% |
| 2026 | +43.5% | +44.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAT and NPO good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CAT and NPO?
As of 2026-08-27, the correlation of weekly returns between CAT and NPO is 0.61 over 3 years, 0.65 over 1 year and 0.60 over 5 years.
Is NPO a good diversifier for CAT?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 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/cat-vs-npo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cat-vs-npo/)
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Related comparisons
Hubs: CAT correlations · NPO correlations
