GTES vs WMT: Correlation
Measured on weekly returns over the past three years, Gates Industrial Corporation Ltd. (GTES) and Walmart (WMT) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and WMT?
Over the past 3 years, GTES and WMT moved with a correlation of 0.38, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 309.1 %².
Out of 22 assets tracked against GTES, WMT lands near the bottom at #18. On 12-month performance WMT holds a 6.2-point edge, +1.5% against +7.7%. Note the risk asymmetry: GTES runs 1.5 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.
GTES vs WMT: side by side
| GTES (Gates Industrial Corporation Ltd.) | WMT (Walmart) | |
|---|---|---|
| 1-year return | +1.5% | +7.7% |
| 5-year return | +56.6% | +121.9% |
| Volatility (ann.) | 35.0% | 23.0% |
| Beta vs S&P 500 | 1.27 | 0.53 |
| Max drawdown (3Y) | -33.8% | -23.3% |
| Market cap | $6.7B | $816.7B |
| P/E (trailing) | 18.8 | 37.1 |
| Dividend yield | 0.00% | 0.92% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | GTES | WMT |
|---|---|---|
| 2022 | -28.3% | -0.5% |
| 2023 | +17.6% | +12.9% |
| 2024 | +53.3% | +74.0% |
| 2025 | +4.4% | +24.5% |
| 2026 | +22.9% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and WMT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GTES and WMT?
The GTES/WMT correlation stands at 0.38 on a 3-year window (1 year: 0.40, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is WMT a good diversifier for GTES?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: GTES correlations · WMT correlations
