CAKE vs TNL: Correlation
The Cheesecake Factory Incorporated (CAKE) and Travel Leisure Co. (TNL) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAKE and TNL?
On 3 years of weekly data the CAKE/TNL correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.57 over 3. The 5-year figure is 0.63, and annualized covariance runs at 602.1 %².
Within CAKE's tracked universe of 23 assets, TNL comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CAKE outperformed by 61.9 percentage points (+81.1% for CAKE against +19.2% for TNL).
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.
CAKE vs TNL: side by side
| CAKE (The Cheesecake Factory Incorporated) | TNL (Travel Leisure Co.) | |
|---|---|---|
| 1-year return | +81.1% | +19.2% |
| 5-year return | +170.4% | +59.9% |
| Volatility (ann.) | 34.8% | 30.1% |
| Beta vs S&P 500 | 0.93 | 1.19 |
| Max drawdown (3Y) | -36.4% | -32.2% |
| Market cap | $5.5B | $4.4B |
| P/E (trailing) | 31.2 | 19.9 |
| Dividend yield | 0.99% | 3.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAKE | TNL |
|---|---|---|
| 2022 | -17.0% | -31.7% |
| 2023 | +14.0% | +12.5% |
| 2024 | +39.3% | +34.8% |
| 2025 | +8.6% | +45.5% |
| 2026 | +120.8% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAKE and TNL good diversifiers for each other?
Only partially. A correlation of 0.57 means CAKE and TNL 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 CAKE and TNL?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.57 over the last year and 0.63 over 5 years.
Is TNL a good diversifier for CAKE?
Only partially. A correlation of 0.57 means CAKE and TNL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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/cake-vs-tnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cake-vs-tnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAKE correlations · TNL correlations
