GLW vs PAYX: Correlation
How closely do Corning Inc. (GLW) and Paychex (PAYX) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLW and PAYX?
Over the past 3 years, GLW and PAYX moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.22 over 3 years. Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is -201.9 %².
By 3-year correlation, PAYX places #25 of the 37 assets tracked against GLW. Correlation aside, the last 12 months split them widely, with GLW ahead by 134.5 points (+129.7% versus -4.8%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.51 and 0.46 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: GLW is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GLW vs PAYX: side by side
| GLW (Corning Inc.) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | +129.7% | -4.8% |
| 5-year return | +331.4% | +29.0% |
| Volatility (ann.) | 42.1% | 21.3% |
| Beta vs S&P 500 | 1.15 | 0.47 |
| Max drawdown (3Y) | -51.5% | -45.0% |
| Market cap | $131.6B | $45.0B |
| P/E (trailing) | 70.4 | 25.5 |
| Dividend yield | 0.73% | 0.00% |
| Sector / category | Information Technology | Industrials |
Year-by-year returns
| Year | GLW | PAYX |
|---|---|---|
| 2022 | -11.6% | -13.2% |
| 2023 | -1.2% | +6.2% |
| 2024 | +60.6% | +21.3% |
| 2025 | +87.8% | -17.5% |
| 2026 | +75.1% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLW and PAYX good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between GLW and PAYX?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.50 over the last year and -0.02 over 5 years.
Is PAYX a good diversifier for GLW?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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.
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Related comparisons
Hubs: GLW correlations · PAYX correlations
