LIN vs PPG: Correlation
Measured on weekly returns over the past three years, Linde plc (LIN) and PPG Industries (PPG) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and PPG?
On 3 years of weekly data the LIN/PPG correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.43). The 5-year figure is 0.55, and annualized covariance runs at 181.4 %².
Within LIN's tracked universe of 36 assets, PPG comes in at #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +1.9% for LIN and +3.8% for PPG. Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.67. One caveat on sizing: PPG 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.
LIN vs PPG: side by side
| LIN (Linde plc) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +1.9% | +3.8% |
| 5-year return | +64.6% | -22.0% |
| Volatility (ann.) | 16.5% | 25.5% |
| Beta vs S&P 500 | 0.37 | 0.90 |
| Max drawdown (3Y) | -19.2% | -37.4% |
| Market cap | $223.7B | $25.2B |
| P/E (trailing) | 31.6 | 16.4 |
| Dividend yield | 1.26% | 2.48% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | LIN | PPG |
|---|---|---|
| 2022 | -4.4% | -25.7% |
| 2023 | +27.7% | +21.2% |
| 2024 | +3.2% | -18.5% |
| 2025 | +3.2% | -12.0% |
| 2026 | +14.6% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIN and PPG 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 LIN and PPG?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.31 over the last year and 0.55 over 5 years.
Is PPG a good diversifier for LIN?
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/lin-vs-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lin-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LIN correlations · PPG correlations
