GTES vs ROAD: Correlation
Measured on weekly returns over the past three years, Gates Industrial Corporation Ltd. (GTES) and Construction Partners, Inc. (ROAD) 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 GTES and ROAD?
On 3 years of weekly data the GTES/ROAD correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.59 over 3. The 5-year figure is 0.52, and annualized covariance runs at 957.7 %².
By 3-year correlation, ROAD places #7 of the 22 assets tracked against GTES. The trailing year gives GTES the advantage: +1.5% versus -5.4%, a 6.9-point spread.
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.
GTES vs ROAD: side by side
| GTES (Gates Industrial Corporation Ltd.) | ROAD (Construction Partners, Inc.) | |
|---|---|---|
| 1-year return | +1.5% | -5.4% |
| 5-year return | +56.6% | +241.9% |
| Volatility (ann.) | 35.0% | 46.3% |
| Beta vs S&P 500 | 1.27 | 1.52 |
| Max drawdown (3Y) | -33.8% | -33.6% |
| Market cap | $6.7B | $6.5B |
| P/E (trailing) | 18.8 | 44.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTES | ROAD |
|---|---|---|
| 2022 | -28.3% | -9.2% |
| 2023 | +17.6% | +63.1% |
| 2024 | +53.3% | +103.3% |
| 2025 | +4.4% | +22.7% |
| 2026 | +22.9% | +5.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and ROAD good diversifiers for each other?
Only partially. A correlation of 0.59 means GTES and ROAD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GTES and ROAD?
The GTES/ROAD correlation stands at 0.59 on a 3-year window (1 year: 0.64, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is ROAD a good diversifier for GTES?
Only partially. A correlation of 0.59 means GTES and ROAD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gtes-vs-road.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-road/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GTES correlations · ROAD correlations
