DJP vs SHW: Correlation
iPath Bloomberg Commodity Index Total Return ETN (DJP) and Sherwin-Williams (SHW) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and SHW?
Over the past 3 years, DJP and SHW moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.35). Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -142.1 %².
Out of 42 assets tracked against DJP, SHW lands near the bottom at #42. Correlation aside, the last 12 months split them widely, with DJP ahead by 54.3 points (+49.2% versus -5.1%). One caveat on sizing: SHW is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DJP vs SHW: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +49.2% | -5.1% |
| 5-year return | +82.1% | +18.3% |
| Volatility (ann.) | 16.3% | 24.6% |
| Beta vs S&P 500 | 0.11 | 0.79 |
| Max drawdown (3Y) | -16.4% | -25.7% |
| Market cap | – | $83.8B |
| P/E (trailing) | – | 31.8 |
| Dividend yield | – | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DJP | SHW |
|---|---|---|
| 2022 | +17.5% | -32.0% |
| 2023 | -9.8% | +32.7% |
| 2024 | +5.6% | +9.9% |
| 2025 | +17.2% | -3.8% |
| 2026 | +34.7% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and SHW good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between DJP and SHW?
As of 2026-08-27, the correlation of weekly returns between DJP and SHW is -0.35 over 3 years, -0.51 over 1 year and -0.17 over 5 years.
Is SHW a good diversifier for DJP?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/djp-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/djp-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DJP correlations · SHW correlations
