BOOT vs WING: Correlation
Measured on weekly returns over the past three years, Boot Barn Holdings, Inc. (BOOT) and Wingstop Inc. (WING) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and WING?
Across a 3-year window, the weekly returns of BOOT and WING correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.37, with an annualized covariance of 1209.5 %².
WING is close to the least connected end of BOOT's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with BOOT ahead by 55.2 points (-12.1% versus -67.3%).
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.
BOOT vs WING: side by side
| BOOT (Boot Barn Holdings, Inc.) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -12.1% | -67.3% |
| 5-year return | +77.0% | -31.4% |
| Volatility (ann.) | 47.6% | 55.1% |
| Beta vs S&P 500 | 1.52 | 1.29 |
| Max drawdown (3Y) | -48.9% | -74.0% |
| Market cap | $4.7B | $3.0B |
| P/E (trailing) | 20.2 | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOOT | WING |
|---|---|---|
| 2022 | -49.2% | -17.1% |
| 2023 | +22.8% | +87.3% |
| 2024 | +97.8% | +11.1% |
| 2025 | +16.2% | -15.7% |
| 2026 | -11.8% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and WING good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BOOT and WING?
The BOOT/WING correlation stands at 0.46 on a 3-year window (1 year: 0.43, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is WING a good diversifier for BOOT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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/boot-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boot-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOOT correlations · WING correlations
