PPG vs SW: Correlation
PPG Industries (PPG) and Smurfit Westrock (SW) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPG and SW?
On 3 years of weekly data the PPG/SW correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 616.2 %².
By 3-year correlation, SW places #24 of the 67 assets tracked against PPG. The trailing year gives SW the advantage: +3.8% versus +9.7%, a 5.9-point spread. On a rolling one-year basis the correlation drifted between 0.37 and 0.72, a moderate band. Note the risk asymmetry: SW runs 1.6 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.
PPG vs SW: side by side
| PPG (PPG Industries) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +3.8% | +9.7% |
| 5-year return | -22.0% | +2.6% |
| Volatility (ann.) | 25.5% | 40.1% |
| Beta vs S&P 500 | 0.90 | 0.92 |
| Max drawdown (3Y) | -37.4% | -40.5% |
| Market cap | $25.2B | $25.5B |
| P/E (trailing) | 16.4 | 51.7 |
| Dividend yield | 2.48% | 3.57% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | PPG | SW |
|---|---|---|
| 2022 | -25.7% | -28.0% |
| 2023 | +21.2% | +14.1% |
| 2024 | -18.5% | +37.6% |
| 2025 | -12.0% | -26.2% |
| 2026 | +12.8% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPG and SW good diversifiers for each other?
To a limited degree. At 0.60 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 SW?
As of 2026-08-27, the correlation of weekly returns between PPG and SW is 0.60 over 3 years, 0.70 over 1 year and 0.57 over 5 years.
Is SW a good diversifier for PPG?
To a limited degree. At 0.60 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 0.60 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/ppg-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ppg-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PPG correlations · SW correlations
