CPS vs WTS: Correlation
Cooper-Standard Holdings Inc. (CPS) and Watts Water Technologies, Inc. (WTS) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPS and WTS?
On 3 years of weekly data the CPS/WTS correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.52 over 3. The 5-year figure is 0.44, and annualized covariance runs at 931.1 %².
Within CPS's tracked universe of 12 assets, WTS comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WTS outperformed by 57.7 percentage points (-25.8% for CPS against +31.9% for WTS). Note the risk asymmetry: CPS runs 2.9 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.
CPS vs WTS: side by side
| CPS (Cooper-Standard Holdings Inc.) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | -25.8% | +31.9% |
| 5-year return | +15.8% | +125.4% |
| Volatility (ann.) | 72.2% | 24.6% |
| Beta vs S&P 500 | 1.75 | 0.89 |
| Max drawdown (3Y) | -45.2% | -19.5% |
| Market cap | $0.5B | $12.4B |
| P/E (trailing) | – | 32.5 |
| Dividend yield | 0.00% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPS | WTS |
|---|---|---|
| 2022 | -59.6% | -24.1% |
| 2023 | +115.7% | +43.6% |
| 2024 | -30.6% | -1.6% |
| 2025 | +142.1% | +36.8% |
| 2026 | -19.6% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPS and WTS good diversifiers for each other?
To a limited degree. At 0.52 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 CPS and WTS?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.43 over the last year and 0.44 over 5 years.
Is WTS a good diversifier for CPS?
To a limited degree. At 0.52 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 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CPS correlations · WTS correlations
