ITW vs ODFL: Correlation
Illinois Tool Works (ITW) and Old Dominion (ODFL) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and ODFL?
Across a 3-year window, the weekly returns of ITW and ODFL correlate at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 337.8 %².
By 3-year correlation, ODFL places #49 of the 81 assets tracked against ITW. Their recent paths diverged sharply: over the last 12 months ODFL outperformed by 22.7 percentage points (+8.2% for ITW against +30.9% for ODFL). Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.68. One caveat on sizing: ODFL is 1.8 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 ODFL: side by side
| ITW (Illinois Tool Works) | ODFL (Old Dominion) | |
|---|---|---|
| 1-year return | +8.2% | +30.9% |
| 5-year return | +36.1% | +39.6% |
| Volatility (ann.) | 19.0% | 34.7% |
| Beta vs S&P 500 | 0.64 | 0.98 |
| Max drawdown (3Y) | -20.6% | -45.2% |
| Market cap | $80.2B | $41.6B |
| P/E (trailing) | 25.8 | 38.3 |
| Dividend yield | 2.26% | 0.57% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | ITW | ODFL |
|---|---|---|
| 2022 | -8.5% | -20.5% |
| 2023 | +21.6% | +43.5% |
| 2024 | -1.0% | -12.5% |
| 2025 | -0.4% | -10.5% |
| 2026 | +15.8% | +27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and ODFL good diversifiers for each other?
Only partially. A correlation of 0.51 means ITW and ODFL 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 ODFL?
As of 2026-08-27, the correlation of weekly returns between ITW and ODFL is 0.51 over 3 years, 0.48 over 1 year and 0.56 over 5 years.
Is ODFL a good diversifier for ITW?
Only partially. A correlation of 0.51 means ITW and ODFL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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-odfl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/itw-vs-odfl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ITW correlations · ODFL correlations
