DOW vs OLN: Correlation
How closely do Dow Inc. (DOW) and Olin Corporation (OLN) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOW and OLN?
On 3 years of weekly data the DOW/OLN correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 1109.3 %².
OLN is one of the assets that tracks DOW most closely: it ranks #2 out of the 32 assets we track against DOW. Their recent paths diverged sharply: over the last 12 months DOW outperformed by 52.3 percentage points (+29.0% for DOW against -23.3% for OLN).
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.
DOW vs OLN: side by side
| DOW (Dow Inc.) | OLN (Olin Corporation) | |
|---|---|---|
| 1-year return | +29.0% | -23.3% |
| 5-year return | -38.4% | -62.2% |
| Volatility (ann.) | 35.2% | 45.4% |
| Beta vs S&P 500 | 0.62 | 1.04 |
| Max drawdown (3Y) | -62.2% | -69.3% |
| Market cap | $21.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 4.62% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | DOW | OLN |
|---|---|---|
| 2022 | -6.6% | -6.6% |
| 2023 | +14.7% | +3.5% |
| 2024 | -22.8% | -36.3% |
| 2025 | -37.4% | -36.2% |
| 2026 | +32.6% | -15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and OLN good diversifiers for each other?
Only partially. A correlation of 0.69 means DOW and OLN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DOW and OLN?
The DOW/OLN correlation stands at 0.69 on a 3-year window (1 year: 0.67, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is OLN a good diversifier for DOW?
Only partially. A correlation of 0.69 means DOW and OLN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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/dow-vs-oln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dow-vs-oln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DOW correlations · OLN correlations
