EMN vs TAP: Correlation
How closely do Eastman Chemical Company (EMN) and Molson Coors Beverage Company (TAP) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMN and TAP?
On 3 years of weekly data the EMN/TAP correlation comes out at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.45). The 5-year figure is 0.40, and annualized covariance runs at 328.9 %².
Within EMN's tracked universe of 22 assets, TAP comes in at #16 by 3-year correlation. The last year tells two different stories: EMN led by 25.8 percentage points, +10.8% for EMN against -15.0% for TAP.
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.
EMN vs TAP: side by side
| EMN (Eastman Chemical Company) | TAP (Molson Coors Beverage Company) | |
|---|---|---|
| 1-year return | +10.8% | -15.0% |
| 5-year return | -22.9% | +3.9% |
| Volatility (ann.) | 30.5% | 23.9% |
| Beta vs S&P 500 | 0.95 | 0.15 |
| Max drawdown (3Y) | -48.4% | -38.8% |
| Market cap | $8.3B | $7.8B |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 4.59% | 4.51% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | EMN | TAP |
|---|---|---|
| 2022 | -30.4% | +14.4% |
| 2023 | +14.7% | +22.2% |
| 2024 | +5.1% | -3.4% |
| 2025 | -26.9% | -15.5% |
| 2026 | +16.5% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMN and TAP good diversifiers for each other?
Reasonably. At 0.45, EMN and TAP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EMN and TAP?
The EMN/TAP correlation stands at 0.45 on a 3-year window (1 year: 0.60, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is TAP a good diversifier for EMN?
Reasonably. At 0.45, EMN and TAP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/emn-vs-tap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emn-vs-tap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EMN correlations · TAP correlations
