CMI vs EMR: Correlation
Measured on weekly returns over the past three years, Cummins (CMI) and Emerson Electric (EMR) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and EMR?
On 3 years of weekly data the CMI/EMR correlation comes out at 0.59, moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.59). The 5-year figure is 0.63, and annualized covariance runs at 432.0 %².
Within CMI's tracked universe of 36 assets, EMR comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CMI outperformed by 25.1 percentage points (+45.1% for CMI against +20.0% for EMR). The rolling one-year correlation moved between 0.33 and 0.78 over the past three years, a moderate range.
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.
CMI vs EMR: side by side
| CMI (Cummins) | EMR (Emerson Electric) | |
|---|---|---|
| 1-year return | +45.1% | +20.0% |
| 5-year return | +169.6% | +65.4% |
| Volatility (ann.) | 25.9% | 28.3% |
| Beta vs S&P 500 | 1.05 | 1.29 |
| Max drawdown (3Y) | -30.5% | -29.6% |
| Market cap | $79.0B | $88.0B |
| P/E (trailing) | 29.6 | 34.5 |
| Dividend yield | 1.38% | 1.39% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CMI | EMR |
|---|---|---|
| 2022 | +14.1% | +5.7% |
| 2023 | +1.7% | +3.8% |
| 2024 | +48.9% | +29.7% |
| 2025 | +49.4% | +8.9% |
| 2026 | +13.6% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and EMR good diversifiers for each other?
To a limited degree. At 0.59 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 CMI and EMR?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.43 over the last year and 0.63 over 5 years.
Is EMR a good diversifier for CMI?
To a limited degree. At 0.59 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 0.59 mean?
On the −1 to +1 scale, 0.59 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/cmi-vs-emr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmi-vs-emr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMI correlations · EMR correlations
