CRS vs WWD: Correlation
How closely do Carpenter Technology Corporation (CRS) and Woodward, Inc. (WWD) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and WWD?
On 3 years of weekly data the CRS/WWD correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 982.3 %².
WWD is one of the assets that tracks CRS most closely: it ranks #2 out of the 12 assets we track against CRS. Correlation aside, the last 12 months split them widely, with CRS ahead by 67.0 points (+106.2% versus +39.2%).
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.
CRS vs WWD: side by side
| CRS (Carpenter Technology Corporation) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | +106.2% | +39.2% |
| 5-year return | +1445.7% | +191.7% |
| Volatility (ann.) | 46.1% | 33.5% |
| Beta vs S&P 500 | 1.32 | 1.09 |
| Max drawdown (3Y) | -28.7% | -23.6% |
| Market cap | $24.3B | $20.4B |
| P/E (trailing) | 46.1 | 38.5 |
| Dividend yield | 0.17% | 0.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRS | WWD |
|---|---|---|
| 2022 | +29.5% | -11.1% |
| 2023 | +94.5% | +42.0% |
| 2024 | +141.7% | +23.0% |
| 2025 | +86.2% | +82.6% |
| 2026 | +56.0% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and WWD good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRS and WWD?
As of 2026-08-27, the correlation of weekly returns between CRS and WWD is 0.64 over 3 years, 0.64 over 1 year and 0.59 over 5 years.
Is WWD a good diversifier for CRS?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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/crs-vs-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crs-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRS correlations · WWD correlations
