ITW vs MMM: Correlation
Illinois Tool Works (ITW) and 3M (MMM) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and MMM?
On 3 years of weekly data the ITW/MMM correlation comes out at 0.53, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.67 versus 0.53 over 3 years. The 5-year figure is 0.60, and annualized covariance runs at 299.1 %².
Among the 81 assets we track against ITW, MMM ranks #48 by 3-year correlation. The trailing year gives MMM the advantage: +8.2% versus +16.4%, a 8.2-point spread. The rolling one-year correlation moved between 0.33 and 0.76 over the past three years, a moderate range. One caveat on sizing: MMM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ITW vs MMM: side by side
| ITW (Illinois Tool Works) | MMM (3M) | |
|---|---|---|
| 1-year return | +8.2% | +16.4% |
| 5-year return | +36.1% | +29.9% |
| Volatility (ann.) | 19.0% | 29.8% |
| Beta vs S&P 500 | 0.64 | 0.89 |
| Max drawdown (3Y) | -20.6% | -20.7% |
| Market cap | $80.2B | $92.2B |
| P/E (trailing) | 25.8 | 31.9 |
| Dividend yield | 2.26% | 1.68% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | ITW | MMM |
|---|---|---|
| 2022 | -8.5% | -29.6% |
| 2023 | +21.6% | -3.3% |
| 2024 | -1.0% | +46.1% |
| 2025 | -0.4% | +26.4% |
| 2026 | +15.8% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and MMM good diversifiers for each other?
Only partially. A correlation of 0.53 means ITW and MMM 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 ITW and MMM?
The ITW/MMM correlation stands at 0.53 on a 3-year window (1 year: 0.67, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is MMM a good diversifier for ITW?
Only partially. A correlation of 0.53 means ITW and MMM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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/itw-vs-mmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/itw-vs-mmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ITW correlations · MMM correlations
