CTAS vs TW: Correlation
Measured on weekly returns over the past three years, Cintas (CTAS) and Tradeweb Markets Inc. (TW) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and TW?
Across a 3-year window, the weekly returns of CTAS and TW correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.45, with an annualized covariance of 203.4 %².
Within CTAS's tracked universe of 38 assets, TW comes in at #27 by 3-year correlation. The trailing year gives CTAS the advantage: -3.3% versus -13.9%, a 10.6-point spread.
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 TW: side by side
| CTAS (Cintas) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | -3.3% | -13.9% |
| 5-year return | +117.4% | +24.2% |
| Volatility (ann.) | 23.2% | 23.1% |
| Beta vs S&P 500 | 0.71 | 0.39 |
| Max drawdown (3Y) | -27.7% | -38.3% |
| Market cap | $81.7B | $23.4B |
| P/E (trailing) | 41.8 | 25.6 |
| Dividend yield | 0.87% | 0.48% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CTAS | TW |
|---|---|---|
| 2022 | +3.0% | -34.9% |
| 2023 | +34.8% | +40.6% |
| 2024 | +22.2% | +44.6% |
| 2025 | +3.8% | -17.5% |
| 2026 | +9.4% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and TW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CTAS and TW?
As of 2026-08-27, the correlation of weekly returns between CTAS and TW is 0.38 over 3 years, 0.47 over 1 year and 0.45 over 5 years.
Is TW a good diversifier for CTAS?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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.
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Related comparisons
Hubs: CTAS correlations · TW correlations
