FUL vs SMID: Correlation
Measured on weekly returns over the past three years, H. B. Fuller Company (FUL) and Smith-Midland Corporation (SMID) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUL and SMID?
Over the past 3 years, FUL and SMID moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 919.3 %².
By 3-year correlation, SMID places #8 of the 16 assets tracked against FUL. Their recent paths diverged sharply: over the last 12 months FUL outperformed by 33.2 percentage points (-6.1% for FUL against -39.3% for SMID). Note the risk asymmetry: SMID 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.
FUL vs SMID: side by side
| FUL (H. B. Fuller Company) | SMID (Smith-Midland Corporation) | |
|---|---|---|
| 1-year return | -6.1% | -39.3% |
| 5-year return | -10.4% | +32.1% |
| Volatility (ann.) | 31.0% | 60.2% |
| Beta vs S&P 500 | 0.93 | 1.58 |
| Max drawdown (3Y) | -43.5% | -50.2% |
| Market cap | $3.1B | $0.1B |
| P/E (trailing) | 17.2 | 17.4 |
| Dividend yield | 1.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FUL | SMID |
|---|---|---|
| 2022 | -10.6% | -56.4% |
| 2023 | +15.0% | +92.7% |
| 2024 | -16.2% | +12.6% |
| 2025 | -10.5% | -18.3% |
| 2026 | -3.0% | -31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUL and SMID good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FUL and SMID?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.56 over the last year and 0.32 over 5 years.
Is SMID a good diversifier for FUL?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/ful-vs-smid.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ful-vs-smid/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FUL correlations · SMID correlations
