LECO vs PRLB: Correlation
Lincoln Electric Holdings, Inc. (LECO) and Proto Labs, Inc. (PRLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LECO and PRLB?
On 3 years of weekly data the LECO/PRLB correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.58). The 5-year figure is 0.51, and annualized covariance runs at 808.1 %².
Among the 18 assets we track against LECO, PRLB ranks #11 by 3-year correlation. The last year tells two different stories: PRLB led by 39.2 percentage points, +18.4% for LECO against +57.6% for PRLB. Risk is not evenly split, since PRLB carries 1.8 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.
LECO vs PRLB: side by side
| LECO (Lincoln Electric Holdings, Inc.) | PRLB (Proto Labs, Inc.) | |
|---|---|---|
| 1-year return | +18.4% | +57.6% |
| 5-year return | +120.5% | +10.1% |
| Volatility (ann.) | 27.9% | 50.3% |
| Beta vs S&P 500 | 1.03 | 1.52 |
| Max drawdown (3Y) | -34.3% | -33.6% |
| Market cap | $15.8B | $1.9B |
| P/E (trailing) | 29.0 | 62.6 |
| Dividend yield | 1.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LECO | PRLB |
|---|---|---|
| 2022 | +5.4% | -50.3% |
| 2023 | +52.6% | +52.6% |
| 2024 | -12.6% | +0.3% |
| 2025 | +29.6% | +29.4% |
| 2026 | +21.7% | +58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LECO and PRLB good diversifiers for each other?
Only partially. A correlation of 0.58 means LECO and PRLB 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 LECO and PRLB?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.68 over the last year and 0.51 over 5 years.
Is PRLB a good diversifier for LECO?
Only partially. A correlation of 0.58 means LECO and PRLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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.
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Related comparisons
Hubs: LECO correlations · PRLB correlations
