ETN vs PH: Correlation
How closely do Eaton Corporation (ETN) and Parker Hannifin (PH) 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 PH?
Over the past 3 years, ETN and PH moved with a correlation of 0.64, which is strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.64). Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 517.5 %².
Within ETN's tracked universe of 44 assets, PH comes in at #15 by 3-year correlation. Over the last 12 months PH came out ahead by 13.1 percentage points (+19.7% against +32.8%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.37 and 0.87 over the past three years, so this pair behaves very differently depending on the market environment.
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 PH: side by side
| ETN (Eaton Corporation) | PH (Parker Hannifin) | |
|---|---|---|
| 1-year return | +19.7% | +32.8% |
| 5-year return | +164.1% | +256.4% |
| Volatility (ann.) | 30.2% | 26.6% |
| Beta vs S&P 500 | 1.33 | 1.16 |
| Max drawdown (3Y) | -34.5% | -26.8% |
| Market cap | $161.6B | $127.5B |
| P/E (trailing) | 42.4 | 36.5 |
| Dividend yield | 1.02% | 0.71% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | ETN | PH |
|---|---|---|
| 2022 | -7.2% | -6.9% |
| 2023 | +56.2% | +60.8% |
| 2024 | +39.5% | +39.6% |
| 2025 | -2.8% | +39.5% |
| 2026 | +31.7% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and PH good diversifiers for each other?
Only partially. A correlation of 0.64 means ETN and PH 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 ETN and PH?
As of 2026-08-27, the correlation of weekly returns between ETN and PH is 0.64 over 3 years, 0.47 over 1 year and 0.71 over 5 years.
Is PH a good diversifier for ETN?
Only partially. A correlation of 0.64 means ETN and PH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etn-vs-ph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etn-vs-ph/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETN correlations · PH correlations
