REED vs STE: Correlation
Measured on weekly returns over the past three years, Reed's, Inc. (REED) and Steris (STE) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REED and STE?
On 3 years of weekly data the REED/STE correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.24 over 3 years. The 5-year figure is -0.09, and annualized covariance runs at -563.0 %².
By 3-year correlation, STE places #22 of the 31 assets tracked against REED. The last year tells two different stories: STE led by 78.4 percentage points, -84.1% for REED against -5.7% for STE. One caveat on sizing: REED is 4.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
REED vs STE: side by side
| REED (Reed's, Inc.) | STE (Steris) | |
|---|---|---|
| 1-year return | -84.1% | -5.7% |
| 5-year return | -99.5% | +13.6% |
| Volatility (ann.) | 104.6% | 22.3% |
| Beta vs S&P 500 | -0.39 | 0.43 |
| Max drawdown (3Y) | -96.4% | -25.4% |
| Market cap | – | $22.7B |
| P/E (trailing) | – | 28.5 |
| Dividend yield | 0.00% | 1.06% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | REED | STE |
|---|---|---|
| 2022 | -80.6% | -23.4% |
| 2023 | -54.3% | +20.2% |
| 2024 | -60.6% | -5.6% |
| 2025 | -44.4% | +24.3% |
| 2026 | -53.6% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REED and STE good diversifiers for each other?
Yes. With a correlation of -0.24, REED and STE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between REED and STE?
As of 2026-08-27, the correlation of weekly returns between REED and STE is -0.24 over 3 years, -0.36 over 1 year and -0.09 over 5 years.
Is STE a good diversifier for REED?
Yes. With a correlation of -0.24, REED and STE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/reed-vs-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/reed-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: REED correlations · STE correlations
