BYRN vs WAY: Correlation
Byrna Technologies, Inc. (BYRN) and Waystar Holding Corp. (WAY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BYRN and WAY?
Over the past 3 years, BYRN and WAY moved with a correlation of 0.38, which is moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.38 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 1448.8 %².
Few assets follow BYRN as closely as WAY, which ranks #2 of 10 tracked partners. The last year tells two different stories: WAY led by 50.1 percentage points, -82.2% for BYRN against -32.1% for WAY. One caveat on sizing: BYRN is 2.0 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.
BYRN vs WAY: side by side
| BYRN (Byrna Technologies, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -82.2% | -32.1% |
| 5-year return | -87.6% | n/a |
| Volatility (ann.) | 87.2% | 43.8% |
| Beta vs S&P 500 | 1.40 | 1.07 |
| Max drawdown (3Y) | -90.7% | -61.8% |
| Market cap | $0.1B | $4.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BYRN | WAY |
|---|---|---|
| 2022 | -41.3% | – |
| 2023 | -18.5% | – |
| 2024 | +350.9% | – |
| 2025 | -41.7% | -10.8% |
| 2026 | -78.6% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BYRN and WAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BYRN and WAY?
As of 2026-08-27, the correlation of weekly returns between BYRN and WAY is 0.38 over 3 years, 0.33 over 1 year and n/a over 5 years.
Is WAY a good diversifier for BYRN?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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.
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Related comparisons
Hubs: BYRN correlations · WAY correlations
