CMI vs MKSI: Correlation
How closely do Cummins (CMI) and MKS Inc. (MKSI) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and MKSI?
Over the past 3 years, CMI and MKSI moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 828.1 %².
Within CMI's tracked universe of 36 assets, MKSI comes in at #5 by 3-year correlation. The last year tells two different stories: MKSI led by 112.4 percentage points, +45.1% for CMI against +157.5% for MKSI. Note the risk asymmetry: MKSI runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MKSI: side by side
| CMI (Cummins) | MKSI (MKS Inc.) | |
|---|---|---|
| 1-year return | +45.1% | +157.5% |
| 5-year return | +169.6% | +88.2% |
| Volatility (ann.) | 25.9% | 50.8% |
| Beta vs S&P 500 | 1.05 | 2.39 |
| Max drawdown (3Y) | -30.5% | -59.1% |
| Market cap | $79.0B | $18.3B |
| P/E (trailing) | 29.6 | 43.3 |
| Dividend yield | 1.38% | 0.35% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | MKSI |
|---|---|---|
| 2022 | +14.1% | -51.0% |
| 2023 | +1.7% | +22.6% |
| 2024 | +48.9% | +2.2% |
| 2025 | +49.4% | +54.4% |
| 2026 | +13.6% | +70.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and MKSI good diversifiers for each other?
Only partially. A correlation of 0.63 means CMI and MKSI 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 CMI and MKSI?
The CMI/MKSI correlation stands at 0.63 on a 3-year window (1 year: 0.69, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is MKSI a good diversifier for CMI?
Only partially. A correlation of 0.63 means CMI and MKSI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/cmi-vs-mksi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmi-vs-mksi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMI correlations · MKSI correlations
