FLXS vs PKG: Correlation
Flexsteel Industries, Inc. (FLXS) and Packaging Corporation of America (PKG) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLXS and PKG?
Across a 3-year window, the weekly returns of FLXS and PKG correlate at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.45). Stretching to 5 years gives 0.33, with an annualized covariance of 621.7 %².
PKG is one of the assets that tracks FLXS most closely: it ranks #3 out of the 13 assets we track against FLXS. The last year tells two different stories: FLXS led by 64.5 percentage points, +83.0% for FLXS against +18.5% for PKG. Note the risk asymmetry: FLXS runs 2.5 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.
FLXS vs PKG: side by side
| FLXS (Flexsteel Industries, Inc.) | PKG (Packaging Corporation of America) | |
|---|---|---|
| 1-year return | +83.0% | +18.5% |
| 5-year return | +162.8% | +86.8% |
| Volatility (ann.) | 58.9% | 23.5% |
| Beta vs S&P 500 | 0.68 | 0.52 |
| Max drawdown (3Y) | -54.1% | -28.4% |
| Market cap | $0.3B | $21.7B |
| P/E (trailing) | 13.4 | 31.6 |
| Dividend yield | 1.04% | 2.13% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FLXS | PKG |
|---|---|---|
| 2022 | -40.7% | -2.6% |
| 2023 | +26.1% | +31.9% |
| 2024 | +192.9% | +41.7% |
| 2025 | -25.9% | -6.1% |
| 2026 | +109.7% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLXS and PKG good diversifiers for each other?
Reasonably. At 0.45, FLXS and PKG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FLXS and PKG?
The FLXS/PKG correlation stands at 0.45 on a 3-year window (1 year: 0.56, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is PKG a good diversifier for FLXS?
Reasonably. At 0.45, FLXS and PKG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
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Related comparisons
Hubs: FLXS correlations · PKG correlations
