NWL vs TEX: Correlation
How closely do Newell Brands Inc. (NWL) and Terex Corporation (TEX) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWL and TEX?
Over the past 3 years, NWL and TEX moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 1471.3 %².
In NWL's tracked universe of 15 assets, TEX sits right near the top at #1. The last year tells two different stories: TEX led by 18.6 percentage points, +5.6% for NWL against +24.2% for TEX. One caveat on sizing: NWL is 1.5 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.
NWL vs TEX: side by side
| NWL (Newell Brands Inc.) | TEX (Terex Corporation) | |
|---|---|---|
| 1-year return | +5.6% | +24.2% |
| 5-year return | -70.7% | +31.7% |
| Volatility (ann.) | 62.8% | 41.0% |
| Beta vs S&P 500 | 1.15 | 1.38 |
| Max drawdown (3Y) | -72.3% | -51.3% |
| Market cap | $2.5B | $7.4B |
| P/E (trailing) | – | 31.2 |
| Dividend yield | 4.70% | 1.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWL | TEX |
|---|---|---|
| 2022 | -37.0% | -1.4% |
| 2023 | -30.9% | +36.1% |
| 2024 | +19.0% | -18.6% |
| 2025 | -60.5% | +17.3% |
| 2026 | +63.7% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWL and TEX good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NWL and TEX?
As of 2026-08-27, the correlation of weekly returns between NWL and TEX is 0.57 over 3 years, 0.60 over 1 year and 0.52 over 5 years.
Is TEX a good diversifier for NWL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nwl-vs-tex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwl-vs-tex/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: NWL correlations · TEX correlations
