FELE vs MTRN: Correlation
How closely do Franklin Electric Co., Inc. (FELE) and Materion Corporation (MTRN) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and MTRN?
Across a 3-year window, the weekly returns of FELE and MTRN correlate at 0.65, strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 674.4 %².
Within FELE's tracked universe of 25 assets, MTRN comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTRN outperformed by 119.8 percentage points (+3.8% for FELE against +123.6% for MTRN). Risk is not evenly split, since MTRN carries 2.0 times the volatility of the other side.
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 MTRN: side by side
| FELE (Franklin Electric Co., Inc.) | MTRN (Materion Corporation) | |
|---|---|---|
| 1-year return | +3.8% | +123.6% |
| 5-year return | +25.2% | +248.3% |
| Volatility (ann.) | 22.7% | 45.7% |
| Beta vs S&P 500 | 0.79 | 1.51 |
| Max drawdown (3Y) | -23.5% | -47.8% |
| Market cap | $4.5B | $5.1B |
| P/E (trailing) | 29.4 | 54.9 |
| Dividend yield | 1.06% | 0.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FELE | MTRN |
|---|---|---|
| 2022 | -14.9% | -4.3% |
| 2023 | +22.4% | +49.4% |
| 2024 | +1.8% | -23.7% |
| 2025 | -0.9% | +26.4% |
| 2026 | +7.8% | +98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and MTRN good diversifiers for each other?
Only partially. A correlation of 0.65 means FELE and MTRN 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 FELE and MTRN?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.61 over the last year and 0.59 over 5 years.
Is MTRN a good diversifier for FELE?
Only partially. A correlation of 0.65 means FELE and MTRN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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/fele-vs-mtrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fele-vs-mtrn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FELE correlations · MTRN correlations
