MTW vs TBI: Correlation
Measured on weekly returns over the past three years, Manitowoc Company, Inc. (The) (MTW) and TrueBlue, Inc. (TBI) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and TBI?
On 3 years of weekly data the MTW/TBI correlation comes out at 0.50, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.50 over 3. The 5-year figure is 0.45, and annualized covariance runs at 1741.7 %².
Among the 18 assets we track against MTW, TBI ranks #8 by 3-year correlation. On 12-month performance MTW holds a 12.4-point edge, +88.0% against +75.6%.
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.
MTW vs TBI: side by side
| MTW (Manitowoc Company, Inc. (The)) | TBI (TrueBlue, Inc.) | |
|---|---|---|
| 1-year return | +88.0% | +75.6% |
| 5-year return | -22.9% | -60.9% |
| Volatility (ann.) | 53.7% | 65.3% |
| Beta vs S&P 500 | 1.63 | 1.45 |
| Max drawdown (3Y) | -58.5% | -79.2% |
| Market cap | $0.7B | $0.3B |
| P/E (trailing) | 34.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | TBI |
|---|---|---|
| 2022 | -50.7% | -29.2% |
| 2023 | +82.2% | -21.7% |
| 2024 | -45.3% | -45.2% |
| 2025 | +31.3% | -45.8% |
| 2026 | +58.5% | +134.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and TBI good diversifiers for each other?
Only partially. A correlation of 0.50 means MTW and TBI 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 MTW and TBI?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.45 over the last year and 0.45 over 5 years.
Is TBI a good diversifier for MTW?
Only partially. A correlation of 0.50 means MTW and TBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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/mtw-vs-tbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtw-vs-tbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTW correlations · TBI correlations
