CTAS vs PAYX: Correlation
How closely do Cintas (CTAS) and Paychex (PAYX) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and PAYX?
Across a 3-year window, the weekly returns of CTAS and PAYX correlate at 0.48, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.48 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 239.2 %².
By 3-year correlation, PAYX places #20 of the 38 assets tracked against CTAS. Neither side won the trailing year by much: -3.3% against -4.8%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.21 and 0.73 over the past three years, so this pair behaves very differently depending on the market environment.
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.
CTAS vs PAYX: side by side
| CTAS (Cintas) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | -3.3% | -4.8% |
| 5-year return | +117.4% | +29.0% |
| Volatility (ann.) | 23.2% | 21.3% |
| Beta vs S&P 500 | 0.71 | 0.47 |
| Max drawdown (3Y) | -27.7% | -45.0% |
| Market cap | $81.7B | $45.0B |
| P/E (trailing) | 41.8 | 25.5 |
| Dividend yield | 0.87% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | CTAS | PAYX |
|---|---|---|
| 2022 | +3.0% | -13.2% |
| 2023 | +34.8% | +6.2% |
| 2024 | +22.2% | +21.3% |
| 2025 | +3.8% | -17.5% |
| 2026 | +9.4% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and PAYX good diversifiers for each other?
Reasonably. At 0.48, CTAS and PAYX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CTAS and PAYX?
The CTAS/PAYX correlation stands at 0.48 on a 3-year window (1 year: 0.44, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is PAYX a good diversifier for CTAS?
Reasonably. At 0.48, CTAS and PAYX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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.
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Related comparisons
Hubs: CTAS correlations · PAYX correlations
