ITW vs NVST: Correlation
Measured on weekly returns over the past three years, Illinois Tool Works (ITW) and Envista Holdings Corporation (NVST) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and NVST?
On 3 years of weekly data the ITW/NVST correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.77) runs above the 3-year figure (0.58). The 5-year figure is 0.56, and annualized covariance runs at 394.1 %².
Among the 81 assets we track against ITW, NVST ranks #33 by 3-year correlation. The last year tells two different stories: NVST led by 21.0 percentage points, +8.2% for ITW against +29.2% for NVST. Note the risk asymmetry: NVST runs 1.9 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.
ITW vs NVST: side by side
| ITW (Illinois Tool Works) | NVST (Envista Holdings Corporation) | |
|---|---|---|
| 1-year return | +8.2% | +29.2% |
| 5-year return | +36.1% | -35.8% |
| Volatility (ann.) | 19.0% | 35.4% |
| Beta vs S&P 500 | 0.64 | 0.80 |
| Max drawdown (3Y) | -20.6% | -55.4% |
| Market cap | $80.2B | $4.4B |
| P/E (trailing) | 25.8 | 48.1 |
| Dividend yield | 2.26% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ITW | NVST |
|---|---|---|
| 2022 | -8.5% | -25.3% |
| 2023 | +21.6% | -28.5% |
| 2024 | -1.0% | -19.8% |
| 2025 | -0.4% | +12.5% |
| 2026 | +15.8% | +26.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and NVST good diversifiers for each other?
Only partially. A correlation of 0.58 means ITW and NVST 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 NVST?
As of 2026-08-27, the correlation of weekly returns between ITW and NVST is 0.58 over 3 years, 0.77 over 1 year and 0.56 over 5 years.
Is NVST a good diversifier for ITW?
Only partially. A correlation of 0.58 means ITW and NVST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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/itw-vs-nvst.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/itw-vs-nvst/)
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Related comparisons
Hubs: ITW correlations · NVST correlations
