CECO vs MOD: Correlation
Measured on weekly returns over the past three years, CECO Environmental Corp. (CECO) and Modine Manufacturing Company (MOD) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CECO and MOD?
Over the past 3 years, CECO and MOD moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.50 over 3 years. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 1600.0 %².
Few assets follow CECO as closely as MOD, which ranks #1 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months CECO outperformed by 21.4 percentage points (+54.1% for CECO against +32.7% for MOD).
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.
CECO vs MOD: side by side
| CECO (CECO Environmental Corp.) | MOD (Modine Manufacturing Company) | |
|---|---|---|
| 1-year return | +54.1% | +32.7% |
| 5-year return | +853.0% | +1391.7% |
| Volatility (ann.) | 54.0% | 59.1% |
| Beta vs S&P 500 | 0.97 | 1.87 |
| Max drawdown (3Y) | -47.9% | -51.6% |
| Market cap | $4.2B | $9.9B |
| P/E (trailing) | – | 70.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CECO | MOD |
|---|---|---|
| 2022 | +87.5% | +96.8% |
| 2023 | +73.6% | +200.6% |
| 2024 | +49.1% | +94.2% |
| 2025 | +98.0% | +15.2% |
| 2026 | +20.5% | +39.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CECO and MOD good diversifiers for each other?
Only partially. A correlation of 0.50 means CECO and MOD 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 CECO and MOD?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.34 over the last year and 0.44 over 5 years.
Is MOD a good diversifier for CECO?
Only partially. A correlation of 0.50 means CECO and MOD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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/ceco-vs-mod.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceco-vs-mod/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CECO correlations · MOD correlations
