SW vs TEX: Correlation
How closely do Smurfit Westrock (SW) and Terex Corporation (TEX) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SW and TEX?
On 3 years of weekly data the SW/TEX correlation comes out at 0.55, moderate. The past 12 months show a tighter link (0.76) than the 3-year average (0.55). The 5-year figure is 0.53, and annualized covariance runs at 907.2 %².
Within SW's tracked universe of 30 assets, TEX comes in at #12 by 3-year correlation. The trailing year gives TEX the advantage: +9.7% versus +24.2%, a 14.5-point spread.
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.
SW vs TEX: side by side
| SW (Smurfit Westrock) | TEX (Terex Corporation) | |
|---|---|---|
| 1-year return | +9.7% | +24.2% |
| 5-year return | +2.6% | +31.7% |
| Volatility (ann.) | 40.1% | 41.0% |
| Beta vs S&P 500 | 0.92 | 1.38 |
| Max drawdown (3Y) | -40.5% | -51.3% |
| Market cap | $25.5B | $7.4B |
| P/E (trailing) | 51.7 | 31.2 |
| Dividend yield | 3.57% | 1.04% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | SW | TEX |
|---|---|---|
| 2022 | -28.0% | -1.4% |
| 2023 | +14.1% | +36.1% |
| 2024 | +37.6% | -18.6% |
| 2025 | -26.2% | +17.3% |
| 2026 | +29.5% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SW and TEX good diversifiers for each other?
Only partially. A correlation of 0.55 means SW and TEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SW and TEX?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.76 over the last year and 0.53 over 5 years.
Is TEX a good diversifier for SW?
Only partially. A correlation of 0.55 means SW and TEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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/sw-vs-tex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sw-vs-tex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SW correlations · TEX correlations
