PM vs WDAY: Correlation
How closely do Philip Morris International (PM) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PM and WDAY?
On 3 years of weekly data the PM/WDAY correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.35) than the 3-year average (-0.22). The 5-year figure is -0.02, and annualized covariance runs at -203.1 %².
By 3-year correlation, WDAY places #32 of the 47 assets tracked against PM. Correlation aside, the last 12 months split them widely, with PM ahead by 35.9 points (+20.2% versus -15.7%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.49 and 0.35 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since WDAY carries 1.7 times the volatility of the other side.
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.
PM vs WDAY: side by side
| PM (Philip Morris International) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +20.2% | -15.7% |
| 5-year return | +133.5% | -28.7% |
| Volatility (ann.) | 23.1% | 40.0% |
| Beta vs S&P 500 | -0.01 | 1.09 |
| Max drawdown (3Y) | -20.6% | -63.4% |
| Market cap | $296.9B | $47.8B |
| P/E (trailing) | 26.7 | 59.6 |
| Dividend yield | 3.03% | 0.00% |
| Sector / category | Consumer Staples | Information Technology |
Year-by-year returns
| Year | PM | WDAY |
|---|---|---|
| 2022 | +12.3% | -38.7% |
| 2023 | -1.9% | +65.0% |
| 2024 | +34.3% | -6.5% |
| 2025 | +38.0% | -16.8% |
| 2026 | +20.8% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PM and WDAY good diversifiers for each other?
Yes. With a correlation of -0.22, PM and WDAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PM and WDAY?
The PM/WDAY correlation stands at -0.22 on a 3-year window (1 year: -0.35, 5 years: -0.02), computed from weekly returns as of 2026-08-27.
Is WDAY a good diversifier for PM?
Yes. With a correlation of -0.22, PM and WDAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/pm-vs-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pm-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PM correlations · WDAY correlations
