GTES vs SW: Correlation
How closely do Gates Industrial Corporation Ltd. (GTES) and Smurfit Westrock (SW) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and SW?
Across a 3-year window, the weekly returns of GTES and SW correlate at 0.55, moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.55). Stretching to 5 years gives 0.50, with an annualized covariance of 775.3 %².
By 3-year correlation, SW places #10 of the 22 assets tracked against GTES. On 12-month performance SW holds a 8.2-point edge, +1.5% against +9.7%.
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 SW: side by side
| GTES (Gates Industrial Corporation Ltd.) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +1.5% | +9.7% |
| 5-year return | +56.6% | +2.6% |
| Volatility (ann.) | 35.0% | 40.1% |
| Beta vs S&P 500 | 1.27 | 0.92 |
| Max drawdown (3Y) | -33.8% | -40.5% |
| Market cap | $6.7B | $25.5B |
| P/E (trailing) | 18.8 | 51.7 |
| Dividend yield | 0.00% | 3.57% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | GTES | SW |
|---|---|---|
| 2022 | -28.3% | -28.0% |
| 2023 | +17.6% | +14.1% |
| 2024 | +53.3% | +37.6% |
| 2025 | +4.4% | -26.2% |
| 2026 | +22.9% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and SW good diversifiers for each other?
To a limited degree. At 0.55 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 GTES and SW?
The GTES/SW correlation stands at 0.55 on a 3-year window (1 year: 0.67, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SW a good diversifier for GTES?
To a limited degree. At 0.55 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 0.55 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/gtes-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTES correlations · SW correlations
