ITW vs TWI: Correlation
Measured on weekly returns over the past three years, Illinois Tool Works (ITW) and Titan International, Inc. (DE) (TWI) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITW and TWI?
Over the past 3 years, ITW and TWI moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 579.2 %².
By 3-year correlation, TWI places #27 of the 81 assets tracked against ITW. The last year tells two different stories: ITW led by 31.1 percentage points, +8.2% for ITW against -22.9% for TWI. Risk is not evenly split, since TWI carries 2.5 times the volatility of the other side.
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 TWI: side by side
| ITW (Illinois Tool Works) | TWI (Titan International, Inc. (DE)) | |
|---|---|---|
| 1-year return | +8.2% | -22.9% |
| 5-year return | +36.1% | -16.4% |
| Volatility (ann.) | 19.0% | 48.0% |
| Beta vs S&P 500 | 0.64 | 1.38 |
| Max drawdown (3Y) | -20.6% | -58.5% |
| Market cap | $80.2B | $0.5B |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 2.26% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | ITW | TWI |
|---|---|---|
| 2022 | -8.5% | +39.8% |
| 2023 | +21.6% | -2.9% |
| 2024 | -1.0% | -54.4% |
| 2025 | -0.4% | +15.3% |
| 2026 | +15.8% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITW and TWI good diversifiers for each other?
To a limited degree. At 0.63 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 TWI?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.64 over the last year and 0.48 over 5 years.
Is TWI a good diversifier for ITW?
To a limited degree. At 0.63 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 0.63 mean?
A reading of 0.63 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-twi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/itw-vs-twi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ITW correlations · TWI correlations
