HNI vs WTS: Correlation
Measured on weekly returns over the past three years, HNI Corporation (HNI) and Watts Water Technologies, Inc. (WTS) 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 HNI and WTS?
Across a 3-year window, the weekly returns of HNI and WTS correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 528.3 %².
By 3-year correlation, WTS places #5 of the 22 assets tracked against HNI. Their recent paths diverged sharply: over the last 12 months WTS outperformed by 17.6 percentage points (+14.3% for HNI against +31.9% for WTS).
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.
HNI vs WTS: side by side
| HNI (HNI Corporation) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | +14.3% | +31.9% |
| 5-year return | +55.8% | +125.4% |
| Volatility (ann.) | 34.5% | 24.6% |
| Beta vs S&P 500 | 0.87 | 0.89 |
| Max drawdown (3Y) | -47.1% | -19.5% |
| Market cap | $3.6B | $12.4B |
| P/E (trailing) | – | 32.5 |
| Dividend yield | 2.74% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNI | WTS |
|---|---|---|
| 2022 | -29.9% | -24.1% |
| 2023 | +53.2% | +43.6% |
| 2024 | +23.8% | -1.6% |
| 2025 | -13.9% | +36.8% |
| 2026 | +21.1% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNI and WTS good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HNI and WTS?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.60 over the last year and 0.54 over 5 years.
Is WTS a good diversifier for HNI?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
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.
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Related comparisons
Hubs: HNI correlations · WTS correlations
