FTV vs ITW: Correlation
Measured on weekly returns over the past three years, Fortive (FTV) and Illinois Tool Works (ITW) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTV and ITW?
Across a 3-year window, the weekly returns of FTV and ITW correlate at 0.59, moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.59 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 267.2 %².
Within FTV's tracked universe of 36 assets, ITW comes in at #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FTV outperformed by 15.7 percentage points (+23.9% for FTV against +8.2% for ITW). On a rolling one-year basis the correlation drifted between 0.29 and 0.73, a moderate band.
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.
FTV vs ITW: side by side
| FTV (Fortive) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | +23.9% | +8.2% |
| 5-year return | +9.6% | +36.1% |
| Volatility (ann.) | 23.8% | 19.0% |
| Beta vs S&P 500 | 0.92 | 0.64 |
| Max drawdown (3Y) | -28.0% | -20.6% |
| Market cap | $18.1B | $80.2B |
| P/E (trailing) | 31.9 | 25.8 |
| Dividend yield | 0.20% | 2.26% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | FTV | ITW |
|---|---|---|
| 2022 | -15.4% | -8.5% |
| 2023 | +15.1% | +21.6% |
| 2024 | +2.3% | -1.0% |
| 2025 | -1.9% | -0.4% |
| 2026 | +8.8% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTV and ITW good diversifiers for each other?
To a limited degree. At 0.59 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 FTV and ITW?
The FTV/ITW correlation stands at 0.59 on a 3-year window (1 year: 0.64, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is ITW a good diversifier for FTV?
To a limited degree. At 0.59 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 0.59 mean?
A reading of 0.59 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/ftv-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ftv-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FTV correlations · ITW correlations
