CAPS vs TRNR: Correlation
Capstone Holding Corp. (CAPS) and Interactive Strength Inc. (TRNR) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAPS and TRNR?
On 3 years of weekly data the CAPS/TRNR correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (-0.14) runs below the 3-year figure (0.31). The 5-year figure is n/a, and annualized covariance runs at 3882.8 %².
TRNR is one of the assets that tracks CAPS most closely: it ranks #2 out of the 10 assets we track against CAPS. Over the last 12 months CAPS came out ahead by 13.9 percentage points (-85.0% against -98.9%). One caveat on sizing: TRNR is 1.9 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.
CAPS vs TRNR: side by side
| CAPS (Capstone Holding Corp.) | TRNR (Interactive Strength Inc.) | |
|---|---|---|
| 1-year return | -85.0% | -98.9% |
| 5-year return | -99.2% | n/a |
| Volatility (ann.) | 81.8% | 151.7% |
| Beta vs S&P 500 | 0.82 | 1.38 |
| Max drawdown (3Y) | -97.5% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAPS | TRNR |
|---|---|---|
| 2022 | +114.5% | – |
| 2023 | -85.9% | – |
| 2024 | -56.9% | -99.9% |
| 2025 | -67.4% | -97.0% |
| 2026 | -74.7% | -94.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAPS and TRNR good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CAPS and TRNR?
The CAPS/TRNR correlation stands at 0.31 on a 3-year window (1 year: -0.14, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TRNR a good diversifier for CAPS?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CAPS correlations · TRNR correlations
