SHW vs SXI: Correlation
How closely do Sherwin-Williams (SHW) and Standex International Corporation (SXI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHW and SXI?
Over the past 3 years, SHW and SXI moved with a correlation of 0.62, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 502.2 %².
Among the 60 assets we track against SHW, SXI ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SXI ahead by 49.6 points (-5.1% versus +44.5%).
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.
SHW vs SXI: side by side
| SHW (Sherwin-Williams) | SXI (Standex International Corporation) | |
|---|---|---|
| 1-year return | -5.1% | +44.5% |
| 5-year return | +18.3% | +218.6% |
| Volatility (ann.) | 24.6% | 33.0% |
| Beta vs S&P 500 | 0.79 | 1.04 |
| Max drawdown (3Y) | -25.7% | -38.0% |
| Market cap | $83.8B | $3.7B |
| P/E (trailing) | 31.8 | 35.2 |
| Dividend yield | 0.91% | 0.44% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SHW | SXI |
|---|---|---|
| 2022 | -32.0% | -6.5% |
| 2023 | +32.7% | +56.0% |
| 2024 | +9.9% | +18.9% |
| 2025 | -3.8% | +17.0% |
| 2026 | +7.3% | +40.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHW and SXI good diversifiers for each other?
To a limited degree. At 0.62 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 SHW and SXI?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.57 over the last year and 0.50 over 5 years.
Is SXI a good diversifier for SHW?
To a limited degree. At 0.62 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 0.62 mean?
On the −1 to +1 scale, 0.62 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/shw-vs-sxi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/shw-vs-sxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHW correlations · SXI correlations
