L vs MCK: Correlation
How closely do Loews Corporation (L) and McKesson Corporation (MCK) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are L and MCK?
Over the past 3 years, L and MCK moved with a correlation of 0.43, which is moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.43). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 181.1 %².
Within L's tracked universe of 54 assets, MCK comes in at #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MCK ahead by 16.6 points (+14.2% versus +30.8%). On a rolling one-year basis the correlation drifted between 0.24 and 0.63, a moderate band. One caveat on sizing: MCK is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
L vs MCK: side by side
| L (Loews Corporation) | MCK (McKesson Corporation) | |
|---|---|---|
| 1-year return | +14.2% | +30.8% |
| 5-year return | +100.1% | +354.8% |
| Volatility (ann.) | 16.6% | 25.1% |
| Beta vs S&P 500 | 0.33 | 0.16 |
| Max drawdown (3Y) | -12.2% | -27.2% |
| Market cap | $22.5B | $103.8B |
| P/E (trailing) | 13.5 | 24.0 |
| Dividend yield | 0.23% | 0.37% |
| Sector / category | Financials | Health Care |
Year-by-year returns
| Year | L | MCK |
|---|---|---|
| 2022 | +1.4% | +51.8% |
| 2023 | +19.8% | +24.1% |
| 2024 | +22.1% | +23.7% |
| 2025 | +24.7% | +44.5% |
| 2026 | +4.5% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are L and MCK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between L and MCK?
The L/MCK correlation stands at 0.43 on a 3-year window (1 year: 0.62, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is MCK a good diversifier for L?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/l-vs-mck.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/l-vs-mck/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: L correlations · MCK correlations
