ESAB vs MIDD: Correlation
Measured on weekly returns over the past three years, ESAB Corporation (ESAB) and The Middleby Corporation (MIDD) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESAB and MIDD?
Across a 3-year window, the weekly returns of ESAB and MIDD correlate at 0.56, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.56). Stretching to 5 years gives 0.54, with an annualized covariance of 736.3 %².
By 3-year correlation, MIDD places #8 of the 13 assets tracked against ESAB. Their recent paths diverged sharply: over the last 12 months MIDD outperformed by 35.0 percentage points (-32.5% for ESAB against +2.5% for MIDD).
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 MIDD: side by side
| ESAB (ESAB Corporation) | MIDD (The Middleby Corporation) | |
|---|---|---|
| 1-year return | -32.5% | +2.5% |
| 5-year return | +60.4% | -24.2% |
| Volatility (ann.) | 36.3% | 36.0% |
| Beta vs S&P 500 | 1.30 | 1.04 |
| Max drawdown (3Y) | -41.6% | -35.4% |
| Market cap | $4.9B | $5.1B |
| P/E (trailing) | 25.8 | 17.3 |
| Dividend yield | 0.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESAB | MIDD |
|---|---|---|
| 2022 | – | -31.9% |
| 2023 | +85.2% | +9.9% |
| 2024 | +38.9% | -8.0% |
| 2025 | -6.5% | +9.8% |
| 2026 | -29.1% | -5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and MIDD good diversifiers for each other?
Only partially. A correlation of 0.56 means ESAB and MIDD 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 ESAB and MIDD?
The ESAB/MIDD correlation stands at 0.56 on a 3-year window (1 year: 0.67, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MIDD a good diversifier for ESAB?
Only partially. A correlation of 0.56 means ESAB and MIDD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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-midd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esab-vs-midd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESAB correlations · MIDD correlations
