AVAV vs WAY: Correlation
Measured on weekly returns over the past three years, AeroVironment, Inc. (AVAV) and Waystar Holding Corp. (WAY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVAV and WAY?
On 3 years of weekly data the AVAV/WAY correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1486.5 %².
WAY is one of the assets that tracks AVAV most closely: it ranks #3 out of the 13 assets we track against AVAV. On 12-month performance WAY holds a 6.4-point edge, -38.5% against -32.1%. One caveat on sizing: AVAV is 1.7 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.
AVAV vs WAY: side by side
| AVAV (AeroVironment, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -38.5% | -32.1% |
| 5-year return | +48.2% | n/a |
| Volatility (ann.) | 73.1% | 43.8% |
| Beta vs S&P 500 | 1.82 | 1.07 |
| Max drawdown (3Y) | -66.6% | -61.8% |
| Market cap | $7.7B | $4.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVAV | WAY |
|---|---|---|
| 2022 | +38.1% | – |
| 2023 | +47.1% | – |
| 2024 | +22.1% | – |
| 2025 | +57.2% | -10.8% |
| 2026 | -37.0% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVAV and WAY good diversifiers for each other?
Reasonably. At 0.43, AVAV and WAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AVAV and WAY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.48 over the last year and n/a over 5 years.
Is WAY a good diversifier for AVAV?
Reasonably. At 0.43, AVAV and WAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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/avav-vs-way.json
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AVAV correlations · WAY correlations
