PH vs WAB: Correlation
Measured on weekly returns over the past three years, Parker Hannifin (PH) and Wabtec (WAB) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PH and WAB?
On 3 years of weekly data the PH/WAB correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.64). The 5-year figure is 0.70, and annualized covariance runs at 429.1 %².
By 3-year correlation, WAB places #23 of the 57 assets tracked against PH. Correlation aside, the last 12 months split them widely, with WAB ahead by 20.1 points (+32.8% versus +52.9%). On a rolling one-year basis the correlation drifted between 0.51 and 0.79, 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.
PH vs WAB: side by side
| PH (Parker Hannifin) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | +32.8% | +52.9% |
| 5-year return | +256.4% | +241.0% |
| Volatility (ann.) | 26.6% | 25.3% |
| Beta vs S&P 500 | 1.16 | 0.99 |
| Max drawdown (3Y) | -26.8% | -23.6% |
| Market cap | $127.5B | $50.2B |
| P/E (trailing) | 36.5 | 40.5 |
| Dividend yield | 0.71% | 0.37% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | PH | WAB |
|---|---|---|
| 2022 | -6.9% | +9.1% |
| 2023 | +60.8% | +28.0% |
| 2024 | +39.6% | +50.1% |
| 2025 | +39.5% | +13.2% |
| 2026 | +15.5% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PH and WAB good diversifiers for each other?
To a limited degree. At 0.64 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 PH and WAB?
As of 2026-08-27, the correlation of weekly returns between PH and WAB is 0.64 over 3 years, 0.50 over 1 year and 0.70 over 5 years.
Is WAB a good diversifier for PH?
To a limited degree. At 0.64 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 0.64 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/ph-vs-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ph-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PH correlations · WAB correlations
