JHX vs OC: Correlation
James Hardie Industries plc. (JHX) and Owens Corning Inc (OC) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JHX and OC?
Over the past 3 years, JHX and OC moved with a correlation of 0.50, which is moderate. The past 12 months show a tighter link (0.66) than the 3-year average (0.50). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 819.5 %².
By 3-year correlation, OC places #5 of the 13 assets tracked against JHX. Their recent paths diverged sharply: over the last 12 months JHX outperformed by 49.7 percentage points (+46.1% for JHX against -3.6% for OC).
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.
JHX vs OC: side by side
| JHX (James Hardie Industries plc.) | OC (Owens Corning Inc) | |
|---|---|---|
| 1-year return | +46.1% | -3.6% |
| 5-year return | -21.2% | +60.3% |
| Volatility (ann.) | 46.3% | 35.1% |
| Beta vs S&P 500 | 1.43 | 1.41 |
| Max drawdown (3Y) | -60.3% | -52.5% |
| Market cap | $17.3B | $11.4B |
| P/E (trailing) | 135.3 | – |
| Dividend yield | 0.00% | 2.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JHX | OC |
|---|---|---|
| 2022 | -55.4% | -4.2% |
| 2023 | +115.6% | +77.2% |
| 2024 | -20.3% | +16.6% |
| 2025 | -32.7% | -33.0% |
| 2026 | +43.5% | +30.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JHX and OC good diversifiers for each other?
Only partially. A correlation of 0.50 means JHX and OC 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 JHX and OC?
The JHX/OC correlation stands at 0.50 on a 3-year window (1 year: 0.66, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is OC a good diversifier for JHX?
Only partially. A correlation of 0.50 means JHX and OC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/jhx-vs-oc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/jhx-vs-oc/)
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Related comparisons
Hubs: JHX correlations · OC correlations
