KWR vs NEOG: Correlation
How closely do Quaker Houghton (KWR) and Neogen Corporation (NEOG) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWR and NEOG?
Over the past 3 years, KWR and NEOG moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 892.5 %².
NEOG is close to the least connected end of KWR's tracked universe, ranking #16 of 20. Their recent paths diverged sharply: over the last 12 months NEOG outperformed by 89.4 percentage points (+15.1% for KWR against +104.5% for NEOG). Note the risk asymmetry: NEOG runs 1.7 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.
KWR vs NEOG: side by side
| KWR (Quaker Houghton) | NEOG (Neogen Corporation) | |
|---|---|---|
| 1-year return | +15.1% | +104.5% |
| 5-year return | -32.5% | -73.2% |
| Volatility (ann.) | 34.3% | 57.8% |
| Beta vs S&P 500 | 1.16 | 1.11 |
| Max drawdown (3Y) | -55.3% | -81.2% |
| Market cap | $2.8B | $2.6B |
| P/E (trailing) | 29.4 | – |
| Dividend yield | 1.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KWR | NEOG |
|---|---|---|
| 2022 | -26.9% | -66.5% |
| 2023 | +29.1% | +32.0% |
| 2024 | -33.4% | -39.6% |
| 2025 | -0.8% | -42.4% |
| 2026 | +20.9% | +68.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWR and NEOG good diversifiers for each other?
Reasonably. At 0.45, KWR and NEOG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between KWR and NEOG?
As of 2026-08-27, the correlation of weekly returns between KWR and NEOG is 0.45 over 3 years, 0.41 over 1 year and 0.44 over 5 years.
Is NEOG a good diversifier for KWR?
Reasonably. At 0.45, KWR and NEOG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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
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Related comparisons
Hubs: KWR correlations · NEOG correlations
