GWW vs IEX: Correlation
Measured on weekly returns over the past three years, W. W. Grainger (GWW) and IDEX Corporation (IEX) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWW and IEX?
On 3 years of weekly data the GWW/IEX correlation comes out at 0.62, strong. The past 12 months show a weaker link (0.51) than the 3-year average (0.62). The 5-year figure is 0.59, and annualized covariance runs at 335.6 %².
Few assets follow GWW as closely as IEX, which ranks #1 of 29 tracked partners. Over the last 12 months IEX came out ahead by 12.0 percentage points (+31.0% against +43.0%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.22 to 0.78.
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.
GWW vs IEX: side by side
| GWW (W. W. Grainger) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | +31.0% | +43.0% |
| 5-year return | +219.4% | +10.5% |
| Volatility (ann.) | 23.3% | 23.3% |
| Beta vs S&P 500 | 0.74 | 0.89 |
| Max drawdown (3Y) | -24.5% | -34.6% |
| Market cap | $62.2B | $17.2B |
| P/E (trailing) | 34.0 | 33.8 |
| Dividend yield | 0.69% | 1.23% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | GWW | IEX |
|---|---|---|
| 2022 | +8.7% | -2.2% |
| 2023 | +50.5% | -3.8% |
| 2024 | +28.2% | -2.4% |
| 2025 | -3.4% | -13.7% |
| 2026 | +31.7% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWW and IEX good diversifiers for each other?
Only partially. A correlation of 0.62 means GWW and IEX 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 GWW and IEX?
As of 2026-08-27, the correlation of weekly returns between GWW and IEX is 0.62 over 3 years, 0.51 over 1 year and 0.59 over 5 years.
Is IEX a good diversifier for GWW?
Only partially. A correlation of 0.62 means GWW and IEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gww-vs-iex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gww-vs-iex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GWW correlations · IEX correlations
