ITW vs SPB: Correlation
Measured on weekly returns over the past three years, Illinois Tool Works (ITW) and Spectrum Brands Holdings, Inc. (SPB) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and SPB?
On 3 years of weekly data the ITW/SPB correlation comes out at 0.55, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.55). The 5-year figure is 0.44, and annualized covariance runs at 334.8 %².
Among the 81 assets we track against ITW, SPB ranks #45 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPB outperformed by 52.5 percentage points (+8.2% for ITW against +60.7% for SPB). One caveat on sizing: SPB is 1.7 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 SPB: side by side
| ITW (Illinois Tool Works) | SPB (Spectrum Brands Holdings, Inc.) | |
|---|---|---|
| 1-year return | +8.2% | +60.7% |
| 5-year return | +36.1% | +26.1% |
| Volatility (ann.) | 19.0% | 31.9% |
| Beta vs S&P 500 | 0.64 | 0.83 |
| Max drawdown (3Y) | -20.6% | -46.3% |
| Market cap | $80.2B | $2.0B |
| P/E (trailing) | 25.8 | 27.7 |
| Dividend yield | 2.26% | 2.11% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ITW | SPB |
|---|---|---|
| 2022 | -8.5% | -38.7% |
| 2023 | +21.6% | +34.1% |
| 2024 | -1.0% | +8.0% |
| 2025 | -0.4% | -27.9% |
| 2026 | +15.8% | +52.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and SPB good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ITW and SPB?
The ITW/SPB correlation stands at 0.55 on a 3-year window (1 year: 0.69, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPB a good diversifier for ITW?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/itw-vs-spb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/itw-vs-spb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ITW correlations · SPB correlations
