ADTN vs BROS: Correlation
Measured on weekly returns over the past three years, ADTRAN Holdings, Inc. (ADTN) and Dutch Bros Inc. (BROS) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADTN and BROS?
Over the past 3 years, ADTN and BROS moved with a correlation of 0.47, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.47 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 1503.7 %².
By 3-year correlation, BROS places #6 of the 12 assets tracked against ADTN. On 12-month performance ADTN holds a 14.1-point edge, -16.6% against -30.7%.
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.
ADTN vs BROS: side by side
| ADTN (ADTRAN Holdings, Inc.) | BROS (Dutch Bros Inc.) | |
|---|---|---|
| 1-year return | -16.6% | -30.7% |
| 5-year return | -60.1% | +38.2% |
| Volatility (ann.) | 56.4% | 57.0% |
| Beta vs S&P 500 | 1.55 | 1.67 |
| Max drawdown (3Y) | -61.3% | -45.3% |
| Market cap | $0.6B | $8.9B |
| P/E (trailing) | – | 70.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADTN | BROS |
|---|---|---|
| 2022 | -16.3% | -44.6% |
| 2023 | -59.9% | +12.3% |
| 2024 | +13.5% | +65.4% |
| 2025 | +4.3% | +16.9% |
| 2026 | -10.4% | -17.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADTN and BROS good diversifiers for each other?
Reasonably. At 0.47, ADTN and BROS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ADTN and BROS?
The ADTN/BROS correlation stands at 0.47 on a 3-year window (1 year: 0.31, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is BROS a good diversifier for ADTN?
Reasonably. At 0.47, ADTN and BROS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/adtn-vs-bros.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adtn-vs-bros/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADTN correlations · BROS correlations
