ETN vs MOD: Correlation
How closely do Eaton Corporation (ETN) and Modine Manufacturing Company (MOD) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and MOD?
On 3 years of weekly data the ETN/MOD correlation comes out at 0.64, strong. Recent behaviour matches the longer record: 0.54 over 1 year against 0.64 over 3. The 5-year figure is 0.63, and annualized covariance runs at 1145.3 %².
By 3-year correlation, MOD places #14 of the 44 assets tracked against ETN. Over the last 12 months MOD came out ahead by 13.0 percentage points (+19.7% against +32.7%). Note the risk asymmetry: MOD runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ETN vs MOD: side by side
| ETN (Eaton Corporation) | MOD (Modine Manufacturing Company) | |
|---|---|---|
| 1-year return | +19.7% | +32.7% |
| 5-year return | +164.1% | +1391.7% |
| Volatility (ann.) | 30.2% | 59.1% |
| Beta vs S&P 500 | 1.33 | 1.87 |
| Max drawdown (3Y) | -34.5% | -51.6% |
| Market cap | $161.6B | $9.9B |
| P/E (trailing) | 42.4 | 70.0 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ETN | MOD |
|---|---|---|
| 2022 | -7.2% | +96.8% |
| 2023 | +56.2% | +200.6% |
| 2024 | +39.5% | +94.2% |
| 2025 | -2.8% | +15.2% |
| 2026 | +31.7% | +39.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and MOD good diversifiers for each other?
To a limited degree. At 0.64 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 ETN and MOD?
As of 2026-08-27, the correlation of weekly returns between ETN and MOD is 0.64 over 3 years, 0.54 over 1 year and 0.63 over 5 years.
Is MOD a good diversifier for ETN?
To a limited degree. At 0.64 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 0.64 mean?
A reading of 0.64 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/etn-vs-mod.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etn-vs-mod/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETN correlations · MOD correlations
