PPG vs SHW: Correlation
How closely do PPG Industries (PPG) and Sherwin-Williams (SHW) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and SHW?
Across a 3-year window, the weekly returns of PPG and SHW correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 393.7 %².
By 3-year correlation, SHW places #18 of the 67 assets tracked against PPG. Over the last 12 months PPG came out ahead by 8.9 percentage points (+3.8% against -5.1%). The rolling one-year correlation moved between 0.49 and 0.77 over the past three years, a moderate range.
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.
PPG vs SHW: side by side
| PPG (PPG Industries) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +3.8% | -5.1% |
| 5-year return | -22.0% | +18.3% |
| Volatility (ann.) | 25.5% | 24.6% |
| Beta vs S&P 500 | 0.90 | 0.79 |
| Max drawdown (3Y) | -37.4% | -25.7% |
| Market cap | $25.2B | $83.8B |
| P/E (trailing) | 16.4 | 31.8 |
| Dividend yield | 2.48% | 0.91% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | PPG | SHW |
|---|---|---|
| 2022 | -25.7% | -32.0% |
| 2023 | +21.2% | +32.7% |
| 2024 | -18.5% | +9.9% |
| 2025 | -12.0% | -3.8% |
| 2026 | +12.8% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and SHW good diversifiers for each other?
To a limited degree. At 0.63 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 PPG and SHW?
As of 2026-08-27, the correlation of weekly returns between PPG and SHW is 0.63 over 3 years, 0.64 over 1 year and 0.64 over 5 years.
Is SHW a good diversifier for PPG?
To a limited degree. At 0.63 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 0.63 mean?
On the −1 to +1 scale, 0.63 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/ppg-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ppg-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PPG correlations · SHW correlations
