ESAB vs GTES: Correlation
ESAB Corporation (ESAB) and Gates Industrial Corporation Ltd. (GTES) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESAB and GTES?
On 3 years of weekly data the ESAB/GTES correlation comes out at 0.62, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 784.9 %².
Among the 13 assets we track against ESAB, GTES ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GTES outperformed by 34.0 percentage points (-32.5% for ESAB against +1.5% for GTES).
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.
ESAB vs GTES: side by side
| ESAB (ESAB Corporation) | GTES (Gates Industrial Corporation Ltd.) | |
|---|---|---|
| 1-year return | -32.5% | +1.5% |
| 5-year return | +60.4% | +56.6% |
| Volatility (ann.) | 36.3% | 35.0% |
| Beta vs S&P 500 | 1.30 | 1.27 |
| Max drawdown (3Y) | -41.6% | -33.8% |
| Market cap | $4.9B | $6.7B |
| P/E (trailing) | 25.8 | 18.8 |
| Dividend yield | 0.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESAB | GTES |
|---|---|---|
| 2022 | – | -28.3% |
| 2023 | +85.2% | +17.6% |
| 2024 | +38.9% | +53.3% |
| 2025 | -6.5% | +4.4% |
| 2026 | -29.1% | +22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and GTES good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ESAB and GTES?
As of 2026-08-27, the correlation of weekly returns between ESAB and GTES is 0.62 over 3 years, 0.62 over 1 year and 0.59 over 5 years.
Is GTES a good diversifier for ESAB?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
A reading of 0.62 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/esab-vs-gtes.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/esab-vs-gtes/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESAB correlations · GTES correlations
