ERIE vs SHW: Correlation
How closely do Erie Indemnity (ERIE) and Sherwin-Williams (SHW) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERIE and SHW?
Over the past 3 years, ERIE and SHW moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 355.1 %².
In ERIE's tracked universe of 33 assets, SHW sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months SHW outperformed by 19.4 percentage points (-24.5% for ERIE against -5.1% for SHW). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.01 to 0.57.
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.
ERIE vs SHW: side by side
| ERIE (Erie Indemnity) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | -24.5% | -5.1% |
| 5-year return | +61.3% | +18.3% |
| Volatility (ann.) | 30.3% | 24.6% |
| Beta vs S&P 500 | 0.37 | 0.79 |
| Max drawdown (3Y) | -60.9% | -25.7% |
| Market cap | $13.6B | $83.8B |
| P/E (trailing) | 23.4 | 31.8 |
| Dividend yield | 2.24% | 0.91% |
| Sector / category | Financials | Materials |
Year-by-year returns
| Year | ERIE | SHW |
|---|---|---|
| 2022 | +32.0% | -32.0% |
| 2023 | +37.3% | +32.7% |
| 2024 | +24.7% | +9.9% |
| 2025 | -29.4% | -3.8% |
| 2026 | -8.0% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERIE and SHW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ERIE and SHW?
The ERIE/SHW correlation stands at 0.48 on a 3-year window (1 year: 0.46, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SHW a good diversifier for ERIE?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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/erie-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/erie-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ERIE correlations · SHW correlations
