CMC vs MWA: Correlation
Measured on weekly returns over the past three years, Commercial Metals Company (CMC) and MUELLER WATER PRODUCTS (MWA) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and MWA?
Over the past 3 years, CMC and MWA moved with a correlation of 0.62, which is strong. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 646.4 %².
Within CMC's tracked universe of 19 assets, MWA comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CMC ahead by 30.4 points (+22.0% versus -8.4%).
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.
CMC vs MWA: side by side
| CMC (Commercial Metals Company) | MWA (MUELLER WATER PRODUCTS) | |
|---|---|---|
| 1-year return | +22.0% | -8.4% |
| 5-year return | +119.5% | +59.7% |
| Volatility (ann.) | 33.3% | 31.5% |
| Beta vs S&P 500 | 1.26 | 0.96 |
| Max drawdown (3Y) | -37.6% | -19.2% |
| Market cap | – | $3.9B |
| P/E (trailing) | 12.9 | 17.4 |
| Dividend yield | 1.08% | 1.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMC | MWA |
|---|---|---|
| 2022 | +35.0% | -23.8% |
| 2023 | +5.0% | +36.3% |
| 2024 | +0.4% | +58.4% |
| 2025 | +41.5% | +7.0% |
| 2026 | +0.2% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and MWA good diversifiers for each other?
To a limited degree. At 0.62 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 CMC and MWA?
As of 2026-08-27, the correlation of weekly returns between CMC and MWA is 0.62 over 3 years, 0.56 over 1 year and 0.53 over 5 years.
Is MWA a good diversifier for CMC?
To a limited degree. At 0.62 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 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmc-vs-mwa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmc-vs-mwa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMC correlations · MWA correlations
