LIN vs SHW: Correlation
Measured on weekly returns over the past three years, Linde plc (LIN) and Sherwin-Williams (SHW) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and SHW?
On 3 years of weekly data the LIN/SHW correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.38). The 5-year figure is 0.46, and annualized covariance runs at 153.4 %².
Among the 36 assets we track against LIN, SHW ranks #22 by 3-year correlation. The trailing year gives LIN the advantage: +1.9% versus -5.1%, a 7.0-point spread. This link changes with the market regime, having swung between 0.12 and 0.70 on a rolling one-year basis.
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 SHW: side by side
| LIN (Linde plc) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +1.9% | -5.1% |
| 5-year return | +64.6% | +18.3% |
| Volatility (ann.) | 16.5% | 24.6% |
| Beta vs S&P 500 | 0.37 | 0.79 |
| Max drawdown (3Y) | -19.2% | -25.7% |
| Market cap | $223.7B | $83.8B |
| P/E (trailing) | 31.6 | 31.8 |
| Dividend yield | 1.26% | 0.91% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | LIN | SHW |
|---|---|---|
| 2022 | -4.4% | -32.0% |
| 2023 | +27.7% | +32.7% |
| 2024 | +3.2% | +9.9% |
| 2025 | +3.2% | -3.8% |
| 2026 | +14.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIN and SHW good diversifiers for each other?
Reasonably. At 0.38, LIN and SHW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LIN and SHW?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.11 over the last year and 0.46 over 5 years.
Is SHW a good diversifier for LIN?
Reasonably. At 0.38, LIN and SHW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lin-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lin-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LIN correlations · SHW correlations
