GTE vs SHW: Correlation
How closely do Gran Tierra Energy Inc. (GTE) and Sherwin-Williams (SHW) 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 GTE and SHW?
On 3 years of weekly data the GTE/SHW correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.22 over 3. The 5-year figure is -0.10, and annualized covariance runs at -333.9 %².
Out of 13 assets tracked against GTE, SHW lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months GTE outperformed by 148.1 percentage points (+143.0% for GTE against -5.1% for SHW). One caveat on sizing: GTE is 2.5 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.
GTE vs SHW: side by side
| GTE (Gran Tierra Energy Inc.) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +143.0% | -5.1% |
| 5-year return | +90.8% | +18.3% |
| Volatility (ann.) | 60.6% | 24.6% |
| Beta vs S&P 500 | 0.32 | 0.79 |
| Max drawdown (3Y) | -66.9% | -25.7% |
| Market cap | $0.4B | $83.8B |
| P/E (trailing) | – | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | GTE | SHW |
|---|---|---|
| 2022 | +30.3% | -32.0% |
| 2023 | -43.0% | +32.7% |
| 2024 | +28.2% | +9.9% |
| 2025 | -41.4% | -3.8% |
| 2026 | +138.4% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTE and SHW good diversifiers for each other?
Yes. With a correlation of -0.22, GTE and SHW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GTE and SHW?
As of 2026-08-27, the correlation of weekly returns between GTE and SHW is -0.22 over 3 years, -0.30 over 1 year and -0.10 over 5 years.
Is SHW a good diversifier for GTE?
Yes. With a correlation of -0.22, GTE and SHW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gte-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gte-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GTE correlations · SHW correlations
