LII vs RVT: Correlation
How closely do Lennox International (LII) and Royce Small-Cap Trust, Inc. (RVT) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LII and RVT?
On 3 years of weekly data the LII/RVT correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 321.9 %².
Within LII's tracked universe of 37 assets, RVT comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RVT ahead by 57.7 points (-30.3% versus +27.4%). Note the risk asymmetry: LII 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.
LII vs RVT: side by side
| LII (Lennox International) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -30.3% | +27.4% |
| 5-year return | +23.7% | +53.9% |
| Volatility (ann.) | 32.0% | 19.1% |
| Beta vs S&P 500 | 0.96 | 0.99 |
| Max drawdown (3Y) | -41.7% | -23.5% |
| Market cap | $13.5B | $2.3B |
| P/E (trailing) | 17.5 | 6.5 |
| Dividend yield | 1.34% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | LII | RVT |
|---|---|---|
| 2022 | -24.9% | -26.3% |
| 2023 | +89.5% | +18.8% |
| 2024 | +37.3% | +17.9% |
| 2025 | -19.5% | +11.5% |
| 2026 | -19.0% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LII and RVT good diversifiers for each other?
Only partially. A correlation of 0.53 means LII and RVT 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 LII and RVT?
The LII/RVT correlation stands at 0.53 on a 3-year window (1 year: 0.54, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is RVT a good diversifier for LII?
Only partially. A correlation of 0.53 means LII and RVT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/lii-vs-rvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lii-vs-rvt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LII correlations · RVT correlations
