FDS vs MOD: Correlation
How closely do FactSet (FDS) and Modine Manufacturing Company (MOD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDS and MOD?
Across a 3-year window, the weekly returns of FDS and MOD correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.19 over 3 years. Stretching to 5 years gives -0.04, with an annualized covariance of -364.9 %².
Within FDS's tracked universe of 32 assets, MOD comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MOD ahead by 51.3 points (-18.6% versus +32.7%). Note the risk asymmetry: MOD runs 1.9 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.
FDS vs MOD: side by side
| FDS (FactSet) | MOD (Modine Manufacturing Company) | |
|---|---|---|
| 1-year return | -18.6% | +32.7% |
| 5-year return | -15.8% | +1391.7% |
| Volatility (ann.) | 31.9% | 59.1% |
| Beta vs S&P 500 | 0.56 | 1.87 |
| Max drawdown (3Y) | -61.1% | -51.6% |
| Market cap | $10.8B | $9.9B |
| P/E (trailing) | 19.5 | 70.0 |
| Dividend yield | 1.51% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | FDS | MOD |
|---|---|---|
| 2022 | -16.7% | +96.8% |
| 2023 | +20.0% | +200.6% |
| 2024 | +1.6% | +94.2% |
| 2025 | -38.9% | +15.2% |
| 2026 | +6.0% | +39.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDS and MOD good diversifiers for each other?
Yes. With a correlation of -0.19, FDS and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FDS and MOD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.47 over the last year and -0.04 over 5 years.
Is MOD a good diversifier for FDS?
Yes. With a correlation of -0.19, FDS and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 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/fds-vs-mod.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fds-vs-mod/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FDS correlations · MOD correlations
