LECO vs TOYO: Correlation
How closely do Lincoln Electric Holdings, Inc. (LECO) and TOYO Co., Ltd (TOYO) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LECO and TOYO?
Across a 3-year window, the weekly returns of LECO and TOYO correlate at 0.27, weak. The past 12 months show a tighter link (0.38) than the 3-year average (0.27). Stretching to 5 years gives 0.22, with an annualized covariance of 817.5 %².
Out of 18 assets tracked against LECO, TOYO lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months LECO outperformed by 32.0 percentage points (+18.4% for LECO against -13.6% for TOYO). One caveat on sizing: TOYO is 3.9 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.
LECO vs TOYO: side by side
| LECO (Lincoln Electric Holdings, Inc.) | TOYO (TOYO Co., Ltd) | |
|---|---|---|
| 1-year return | +18.4% | -13.6% |
| 5-year return | +120.5% | -54.4% |
| Volatility (ann.) | 27.9% | 107.7% |
| Beta vs S&P 500 | 1.03 | 0.34 |
| Max drawdown (3Y) | -34.3% | -86.3% |
| Market cap | $15.8B | $0.2B |
| P/E (trailing) | 29.0 | 2.1 |
| Dividend yield | 1.08% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LECO | TOYO |
|---|---|---|
| 2022 | +5.4% | – |
| 2023 | +52.6% | +8.0% |
| 2024 | -12.6% | -69.3% |
| 2025 | +29.6% | +73.4% |
| 2026 | +21.7% | -23.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LECO and TOYO good diversifiers for each other?
Reasonably. At 0.27, LECO and TOYO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LECO and TOYO?
The LECO/TOYO correlation stands at 0.27 on a 3-year window (1 year: 0.38, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is TOYO a good diversifier for LECO?
Reasonably. At 0.27, LECO and TOYO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: LECO correlations · TOYO correlations
