ECL vs SHW: Correlation
Measured on weekly returns over the past three years, Ecolab (ECL) and Sherwin-Williams (SHW) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and SHW?
Across a 3-year window, the weekly returns of ECL and SHW correlate at 0.64, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.64 over 3. Stretching to 5 years gives 0.62, with an annualized covariance of 308.9 %².
By 3-year correlation, SHW places #6 of the 53 assets tracked against ECL. On 12-month performance ECL holds a 8.2-point edge, +3.1% against -5.1%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.48 and 0.69.
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.
ECL vs SHW: side by side
| ECL (Ecolab) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +3.1% | -5.1% |
| 5-year return | +34.0% | +18.3% |
| Volatility (ann.) | 19.5% | 24.6% |
| Beta vs S&P 500 | 0.64 | 0.79 |
| Max drawdown (3Y) | -20.1% | -25.7% |
| Market cap | $80.1B | $83.8B |
| P/E (trailing) | 39.1 | 31.8 |
| Dividend yield | 0.98% | 0.91% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | ECL | SHW |
|---|---|---|
| 2022 | -37.1% | -32.0% |
| 2023 | +37.9% | +32.7% |
| 2024 | +19.3% | +9.9% |
| 2025 | +13.2% | -3.8% |
| 2026 | +9.5% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and SHW 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 ECL and SHW?
As of 2026-08-27, the correlation of weekly returns between ECL and SHW is 0.64 over 3 years, 0.66 over 1 year and 0.62 over 5 years.
Is SHW a good diversifier for ECL?
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?
A reading of 0.64 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/ecl-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ecl-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECL correlations · SHW correlations
