ITW vs TAP: Correlation
How closely do Illinois Tool Works (ITW) and Molson Coors Beverage Company (TAP) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and TAP?
Over the past 3 years, ITW and TAP moved with a correlation of 0.47, which is moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 213.2 %².
Within ITW's tracked universe of 81 assets, TAP comes in at #60 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ITW outperformed by 23.2 percentage points (+8.2% for ITW against -15.0% for TAP). On a rolling one-year basis the correlation drifted between 0.20 and 0.66, 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.
ITW vs TAP: side by side
| ITW (Illinois Tool Works) | TAP (Molson Coors Beverage Company) | |
|---|---|---|
| 1-year return | +8.2% | -15.0% |
| 5-year return | +36.1% | +3.9% |
| Volatility (ann.) | 19.0% | 23.9% |
| Beta vs S&P 500 | 0.64 | 0.15 |
| Max drawdown (3Y) | -20.6% | -38.8% |
| Market cap | $80.2B | $7.8B |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 2.26% | 4.51% |
| Sector / category | Industrials | Consumer Staples |
Year-by-year returns
| Year | ITW | TAP |
|---|---|---|
| 2022 | -8.5% | +14.4% |
| 2023 | +21.6% | +22.2% |
| 2024 | -1.0% | -3.4% |
| 2025 | -0.4% | -15.5% |
| 2026 | +15.8% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and TAP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ITW and TAP?
The ITW/TAP correlation stands at 0.47 on a 3-year window (1 year: 0.56, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is TAP a good diversifier for ITW?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
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/itw-vs-tap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/itw-vs-tap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ITW correlations · TAP correlations
