NKE vs PPG: Correlation
Measured on weekly returns over the past three years, Nike, Inc. (NKE) and PPG Industries (PPG) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and PPG?
On 3 years of weekly data the NKE/PPG correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.41 over 3. The 5-year figure is 0.47, and annualized covariance runs at 382.4 %².
Within NKE's tracked universe of 33 assets, PPG comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PPG ahead by 53.2 points (-49.4% versus +3.8%). On a rolling one-year basis the correlation drifted between 0.20 and 0.60, a moderate band.
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.
NKE vs PPG: side by side
| NKE (Nike, Inc.) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | -49.4% | +3.8% |
| 5-year return | -75.2% | -22.0% |
| Volatility (ann.) | 36.6% | 25.5% |
| Beta vs S&P 500 | 0.93 | 0.90 |
| Max drawdown (3Y) | -66.9% | -37.4% |
| Market cap | $57.0B | $25.2B |
| P/E (trailing) | 18.4 | 16.4 |
| Dividend yield | 4.22% | 2.48% |
| Sector / category | Consumer Discretionary | Materials |
Year-by-year returns
| Year | NKE | PPG |
|---|---|---|
| 2022 | -29.0% | -25.7% |
| 2023 | -6.0% | +21.2% |
| 2024 | -29.1% | -18.5% |
| 2025 | -13.8% | -12.0% |
| 2026 | -38.7% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKE and PPG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NKE and PPG?
The NKE/PPG correlation stands at 0.41 on a 3-year window (1 year: 0.41, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is PPG a good diversifier for NKE?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Markdown for the live badge, attribution link included:
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Related comparisons
Hubs: NKE correlations · PPG correlations
