MTW vs TEX: Correlation
How closely do Manitowoc Company, Inc. (The) (MTW) and Terex Corporation (TEX) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and TEX?
Over the past 3 years, MTW and TEX moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 1529.4 %².
In MTW's tracked universe of 18 assets, TEX sits right near the top at #1. The last year tells two different stories: MTW led by 63.8 percentage points, +88.0% for MTW against +24.2% for TEX.
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 TEX: side by side
| MTW (Manitowoc Company, Inc. (The)) | TEX (Terex Corporation) | |
|---|---|---|
| 1-year return | +88.0% | +24.2% |
| 5-year return | -22.9% | +31.7% |
| Volatility (ann.) | 53.7% | 41.0% |
| Beta vs S&P 500 | 1.63 | 1.38 |
| Max drawdown (3Y) | -58.5% | -51.3% |
| Market cap | $0.7B | $7.4B |
| P/E (trailing) | 34.6 | 31.2 |
| Dividend yield | 0.00% | 1.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | TEX |
|---|---|---|
| 2022 | -50.7% | -1.4% |
| 2023 | +82.2% | +36.1% |
| 2024 | -45.3% | -18.6% |
| 2025 | +31.3% | +17.3% |
| 2026 | +58.5% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and TEX good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTW and TEX?
As of 2026-08-27, the correlation of weekly returns between MTW and TEX is 0.69 over 3 years, 0.69 over 1 year and 0.71 over 5 years.
Is TEX a good diversifier for MTW?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 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-tex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtw-vs-tex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTW correlations · TEX correlations
