CAR vs TEL: Correlation
Avis Budget Group, Inc. (CAR) and TE Connectivity (TEL) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAR and TEL?
On 3 years of weekly data the CAR/TEL correlation comes out at 0.48, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.48 over 3. The 5-year figure is 0.49, and annualized covariance runs at 1228.4 %².
TEL is one of the assets that tracks CAR most closely: it ranks #2 out of the 10 assets we track against CAR. On 12-month performance TEL holds a 10.0-point edge, -11.1% against -1.1%. Note the risk asymmetry: CAR runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CAR vs TEL: side by side
| CAR (Avis Budget Group, Inc.) | TEL (TE Connectivity) | |
|---|---|---|
| 1-year return | -11.1% | -1.1% |
| 5-year return | +63.5% | +43.7% |
| Volatility (ann.) | 89.7% | 28.8% |
| Beta vs S&P 500 | 1.84 | 1.32 |
| Max drawdown (3Y) | -80.8% | -22.6% |
| Market cap | $4.9B | $58.8B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 0.00% | 1.42% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | CAR | TEL |
|---|---|---|
| 2022 | -20.9% | -27.7% |
| 2023 | +13.8% | +24.6% |
| 2024 | -54.5% | +3.5% |
| 2025 | +59.2% | +61.1% |
| 2026 | +8.7% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAR and TEL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAR and TEL?
The CAR/TEL correlation stands at 0.48 on a 3-year window (1 year: 0.54, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is TEL a good diversifier for CAR?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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/car-vs-tel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/car-vs-tel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAR correlations · TEL correlations
