EW vs FTV: Correlation
How closely do Edwards Lifesciences (EW) and Fortive (FTV) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and FTV?
On 3 years of weekly data the EW/FTV correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.44). The 5-year figure is 0.42, and annualized covariance runs at 330.2 %².
FTV is one of the assets that tracks EW most closely: it ranks #1 out of the 30 assets we track against EW. The trailing year gives FTV the advantage: +11.2% versus +23.9%, a 12.7-point spread. This link changes with the market regime, having swung between 0.15 and 0.71 on a rolling one-year basis.
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.
EW vs FTV: side by side
| EW (Edwards Lifesciences) | FTV (Fortive) | |
|---|---|---|
| 1-year return | +11.2% | +23.9% |
| 5-year return | -23.8% | +9.6% |
| Volatility (ann.) | 31.6% | 23.8% |
| Beta vs S&P 500 | 0.81 | 0.92 |
| Max drawdown (3Y) | -37.5% | -28.0% |
| Market cap | $51.8B | $18.1B |
| P/E (trailing) | 54.2 | 31.9 |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | Health Care | Industrials |
Year-by-year returns
| Year | EW | FTV |
|---|---|---|
| 2022 | -42.4% | -15.4% |
| 2023 | +2.2% | +15.1% |
| 2024 | -2.9% | +2.3% |
| 2025 | +15.2% | -1.9% |
| 2026 | +5.5% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and FTV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EW and FTV?
As of 2026-08-27, the correlation of weekly returns between EW and FTV is 0.44 over 3 years, 0.15 over 1 year and 0.42 over 5 years.
Is FTV a good diversifier for EW?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/ew-vs-ftv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ew-vs-ftv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EW correlations · FTV correlations
