OBE vs SHW: Correlation
Obsidian Energy Ltd. (OBE) and Sherwin-Williams (SHW) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBE and SHW?
Across a 3-year window, the weekly returns of OBE and SHW correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.24 over 3 years. Stretching to 5 years gives -0.15, with an annualized covariance of -295.5 %².
SHW is close to the least connected end of OBE's tracked universe, ranking #14 of 18. The last year tells two different stories: OBE led by 98.4 percentage points, +93.3% for OBE against -5.1% for SHW. One caveat on sizing: OBE is 2.0 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.
OBE vs SHW: side by side
| OBE (Obsidian Energy Ltd.) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +93.3% | -5.1% |
| 5-year return | +339.0% | +18.3% |
| Volatility (ann.) | 50.2% | 24.6% |
| Beta vs S&P 500 | 0.38 | 0.79 |
| Max drawdown (3Y) | -56.4% | -25.7% |
| Market cap | $0.8B | $83.8B |
| P/E (trailing) | 36.9 | 31.8 |
| Dividend yield | 0.00% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | OBE | SHW |
|---|---|---|
| 2022 | +61.2% | -32.0% |
| 2023 | +2.1% | +32.7% |
| 2024 | -14.6% | +9.9% |
| 2025 | +5.9% | -3.8% |
| 2026 | +92.7% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBE and SHW good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OBE and SHW?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.34 over the last year and -0.15 over 5 years.
Is SHW a good diversifier for OBE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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
$ curl https://www.pairbook.io/api/v1/pairs/obe-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/obe-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OBE correlations · SHW correlations
