ESE vs GTES: Correlation
Measured on weekly returns over the past three years, ESCO Technologies Inc. (ESE) and Gates Industrial Corporation Ltd. (GTES) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESE and GTES?
Across a 3-year window, the weekly returns of ESE and GTES correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Stretching to 5 years gives 0.55, with an annualized covariance of 573.6 %².
Among the 11 assets we track against ESE, GTES ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ESE ahead by 40.5 points (+42.0% versus +1.5%).
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.
ESE vs GTES: side by side
| ESE (ESCO Technologies Inc.) | GTES (Gates Industrial Corporation Ltd.) | |
|---|---|---|
| 1-year return | +42.0% | +1.5% |
| 5-year return | +214.2% | +56.6% |
| Volatility (ann.) | 29.6% | 35.0% |
| Beta vs S&P 500 | 0.79 | 1.27 |
| Max drawdown (3Y) | -22.3% | -33.8% |
| Market cap | $7.3B | $6.7B |
| P/E (trailing) | 52.3 | 18.8 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESE | GTES |
|---|---|---|
| 2022 | -2.3% | -28.3% |
| 2023 | +34.1% | +17.6% |
| 2024 | +14.1% | +53.3% |
| 2025 | +47.0% | +4.4% |
| 2026 | +44.2% | +22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESE and GTES good diversifiers for each other?
Only partially. A correlation of 0.55 means ESE and GTES 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 ESE and GTES?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.48 over the last year and 0.55 over 5 years.
Is GTES a good diversifier for ESE?
Only partially. A correlation of 0.55 means ESE and GTES share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ese-vs-gtes.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ese-vs-gtes/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESE correlations · GTES correlations
