JCI vs JCSE: Correlation
How closely do Johnson Controls (JCI) and JE Cleantech Holdings Limited (JCSE) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCI and JCSE?
Across a 3-year window, the weekly returns of JCI and JCSE correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.21). Stretching to 5 years gives -0.18, with an annualized covariance of -736.2 %².
Within JCI's tracked universe of 32 assets, JCSE comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JCSE outperformed by 75.0 percentage points (+30.9% for JCI against +105.9% for JCSE). Note the risk asymmetry: JCSE runs 4.4 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.
JCI vs JCSE: side by side
| JCI (Johnson Controls) | JCSE (JE Cleantech Holdings Limited) | |
|---|---|---|
| 1-year return | +30.9% | +105.9% |
| 5-year return | +108.2% | -96.2% |
| Volatility (ann.) | 28.1% | 123.3% |
| Beta vs S&P 500 | 0.98 | 0.09 |
| Max drawdown (3Y) | -21.1% | -64.2% |
| Market cap | $86.1B | – |
| P/E (trailing) | 40.1 | 3.1 |
| Dividend yield | 1.11% | 36.52% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | JCI | JCSE |
|---|---|---|
| 2022 | -19.3% | – |
| 2023 | -7.6% | -66.0% |
| 2024 | +39.8% | +92.4% |
| 2025 | +53.0% | -23.1% |
| 2026 | +19.5% | +94.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JCI and JCSE good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between JCI and JCSE?
The JCI/JCSE correlation stands at -0.21 on a 3-year window (1 year: -0.38, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is JCSE a good diversifier for JCI?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/jci-vs-jcse.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jci-vs-jcse/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JCI correlations · JCSE correlations
