MTW vs WTS: Correlation
How closely do Manitowoc Company, Inc. (The) (MTW) and Watts Water Technologies, Inc. (WTS) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and WTS?
Across a 3-year window, the weekly returns of MTW and WTS correlate at 0.68, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 905.4 %².
Few assets follow MTW as closely as WTS, which ranks #2 of 18 tracked partners. Correlation aside, the last 12 months split them widely, with MTW ahead by 56.1 points (+88.0% versus +31.9%). One caveat on sizing: MTW is 2.2 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.
MTW vs WTS: side by side
| MTW (Manitowoc Company, Inc. (The)) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | +88.0% | +31.9% |
| 5-year return | -22.9% | +125.4% |
| Volatility (ann.) | 53.7% | 24.6% |
| Beta vs S&P 500 | 1.63 | 0.89 |
| Max drawdown (3Y) | -58.5% | -19.5% |
| Market cap | $0.7B | $12.4B |
| P/E (trailing) | 34.6 | 32.5 |
| Dividend yield | 0.00% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | WTS |
|---|---|---|
| 2022 | -50.7% | -24.1% |
| 2023 | +82.2% | +43.6% |
| 2024 | -45.3% | -1.6% |
| 2025 | +31.3% | +36.8% |
| 2026 | +58.5% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and WTS good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MTW and WTS?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.66 over the last year and 0.59 over 5 years.
Is WTS a good diversifier for MTW?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
A reading of 0.68 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTW correlations · WTS correlations
