PKG vs SW: Correlation
Packaging Corporation of America (PKG) and Smurfit Westrock (SW) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKG and SW?
On 3 years of weekly data the PKG/SW correlation comes out at 0.65, strong. Lately the two have moved closer together, with the 1-year correlation at 0.76 versus 0.65 over 3 years. The 5-year figure is 0.54, and annualized covariance runs at 617.5 %².
In PKG's tracked universe of 32 assets, SW sits right near the top at #2. The trailing year gives PKG the advantage: +18.5% versus +9.7%, a 8.8-point spread. The rolling one-year correlation moved between 0.41 and 0.77 over the past three years, a moderate range. Note the risk asymmetry: SW runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PKG vs SW: side by side
| PKG (Packaging Corporation of America) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +18.5% | +9.7% |
| 5-year return | +86.8% | +2.6% |
| Volatility (ann.) | 23.5% | 40.1% |
| Beta vs S&P 500 | 0.52 | 0.92 |
| Max drawdown (3Y) | -28.4% | -40.5% |
| Market cap | $21.7B | $25.5B |
| P/E (trailing) | 31.6 | 51.7 |
| Dividend yield | 2.13% | 3.57% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | PKG | SW |
|---|---|---|
| 2022 | -2.6% | -28.0% |
| 2023 | +31.9% | +14.1% |
| 2024 | +41.7% | +37.6% |
| 2025 | -6.1% | -26.2% |
| 2026 | +19.6% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKG and SW good diversifiers for each other?
Only partially. A correlation of 0.65 means PKG and SW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between PKG and SW?
The PKG/SW correlation stands at 0.65 on a 3-year window (1 year: 0.76, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SW a good diversifier for PKG?
Only partially. A correlation of 0.65 means PKG and SW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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/pkg-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pkg-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PKG correlations · SW correlations
