FELE vs ITW: Correlation
Measured on weekly returns over the past three years, Franklin Electric Co., Inc. (FELE) and Illinois Tool Works (ITW) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and ITW?
On 3 years of weekly data the FELE/ITW correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 297.9 %².
By 3-year correlation, ITW places #5 of the 25 assets tracked against FELE. Neither side won the trailing year by much: +3.8% against +8.2%.
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.
FELE vs ITW: side by side
| FELE (Franklin Electric Co., Inc.) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +3.8% | +8.2% |
| 5-year return | +25.2% | +36.1% |
| Volatility (ann.) | 22.7% | 19.0% |
| Beta vs S&P 500 | 0.79 | 0.64 |
| Max drawdown (3Y) | -23.5% | -20.6% |
| Market cap | $4.5B | $80.2B |
| P/E (trailing) | 29.4 | 25.8 |
| Dividend yield | 1.06% | 2.26% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FELE | ITW |
|---|---|---|
| 2022 | -14.9% | -8.5% |
| 2023 | +22.4% | +21.6% |
| 2024 | +1.8% | -1.0% |
| 2025 | -0.9% | -0.4% |
| 2026 | +7.8% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and ITW good diversifiers for each other?
To a limited degree. At 0.69 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 FELE and ITW?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.65 over the last year and 0.67 over 5 years.
Is ITW a good diversifier for FELE?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fele-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fele-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FELE correlations · ITW correlations
