CDRE vs MTW: Correlation
How closely do Cadre Holdings, Inc. (CDRE) and Manitowoc Company, Inc. (The) (MTW) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRE and MTW?
Across a 3-year window, the weekly returns of CDRE and MTW correlate at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 782.4 %².
Within CDRE's tracked universe of 10 assets, MTW comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTW outperformed by 86.5 percentage points (+1.5% for CDRE against +88.0% for MTW).
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.
CDRE vs MTW: side by side
| CDRE (Cadre Holdings, Inc.) | MTW (Manitowoc Company, Inc. (The)) | |
|---|---|---|
| 1-year return | +1.5% | +88.0% |
| 5-year return | +116.1% | -22.9% |
| Volatility (ann.) | 36.9% | 53.7% |
| Beta vs S&P 500 | 0.81 | 1.63 |
| Max drawdown (3Y) | -40.6% | -58.5% |
| Market cap | $1.3B | $0.7B |
| P/E (trailing) | 38.4 | 34.6 |
| Dividend yield | 1.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDRE | MTW |
|---|---|---|
| 2022 | -19.7% | -50.7% |
| 2023 | +65.5% | +82.2% |
| 2024 | -0.8% | -45.3% |
| 2025 | +27.8% | +31.3% |
| 2026 | -23.1% | +58.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRE and MTW good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CDRE and MTW?
As of 2026-08-27, the correlation of weekly returns between CDRE and MTW is 0.39 over 3 years, 0.35 over 1 year and 0.32 over 5 years.
Is MTW a good diversifier for CDRE?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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/cdre-vs-mtw.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDRE correlations · MTW correlations
