ESTA vs KMT: Correlation
Measured on weekly returns over the past three years, Establishment Labs Holdings Inc. (ESTA) and Kennametal Inc. (KMT) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and KMT?
Over the past 3 years, ESTA and KMT moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 1051.5 %².
KMT is one of the assets that tracks ESTA most closely: it ranks #2 out of the 12 assets we track against ESTA. Their recent paths diverged sharply: over the last 12 months ESTA outperformed by 25.9 percentage points (+69.2% for ESTA against +43.3% for KMT). Risk is not evenly split, since ESTA carries 2.1 times the volatility of the other side.
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.
ESTA vs KMT: side by side
| ESTA (Establishment Labs Holdings Inc.) | KMT (Kennametal Inc.) | |
|---|---|---|
| 1-year return | +69.2% | +43.3% |
| 5-year return | -0.0% | -6.6% |
| Volatility (ann.) | 70.5% | 33.9% |
| Beta vs S&P 500 | 1.02 | 0.73 |
| Max drawdown (3Y) | -64.1% | -42.9% |
| Market cap | $2.1B | $2.3B |
| P/E (trailing) | – | 6.8 |
| Dividend yield | 0.00% | 2.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | KMT |
|---|---|---|
| 2022 | -2.9% | -31.0% |
| 2023 | -60.6% | +10.5% |
| 2024 | +77.9% | -3.9% |
| 2025 | +58.2% | +22.6% |
| 2026 | -1.5% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and KMT good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESTA and KMT?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.49 over the last year and 0.42 over 5 years.
Is KMT a good diversifier for ESTA?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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.
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Related comparisons
Hubs: ESTA correlations · KMT correlations
