HON vs NDSN: Correlation
Measured on weekly returns over the past three years, Honeywell Technologies (HON) and Nordson Corporation (NDSN) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HON and NDSN?
Over the past 3 years, HON and NDSN moved with a correlation of 0.47, 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 0.50, and the annualized covariance of weekly returns is 269.9 %².
By 3-year correlation, NDSN places #18 of the 32 assets tracked against HON. Correlation aside, the last 12 months split them widely, with NDSN ahead by 45.8 points (+2.7% versus +48.5%). On a rolling one-year basis the correlation drifted between 0.37 and 0.67, a moderate band.
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.
HON vs NDSN: side by side
| HON (Honeywell Technologies) | NDSN (Nordson Corporation) | |
|---|---|---|
| 1-year return | +2.7% | +48.5% |
| 5-year return | +6.6% | +46.5% |
| Volatility (ann.) | 23.2% | 24.7% |
| Beta vs S&P 500 | 0.74 | 0.97 |
| Max drawdown (3Y) | -22.1% | -39.1% |
| Market cap | $69.9B | $18.4B |
| P/E (trailing) | 8.5 | 33.5 |
| Dividend yield | 4.26% | 0.98% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | HON | NDSN |
|---|---|---|
| 2022 | +4.9% | -5.9% |
| 2023 | +0.0% | +12.4% |
| 2024 | +10.0% | -20.1% |
| 2025 | -6.4% | +17.0% |
| 2026 | +9.2% | +38.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HON and NDSN good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HON and NDSN?
As of 2026-08-27, the correlation of weekly returns between HON and NDSN is 0.47 over 3 years, 0.40 over 1 year and 0.50 over 5 years.
Is NDSN a good diversifier for HON?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/hon-vs-ndsn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hon-vs-ndsn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HON correlations · NDSN correlations
