CCI vs WAY: Correlation
Measured on weekly returns over the past three years, Crown Castle (CCI) and Waystar Holding Corp. (WAY) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCI and WAY?
Across a 3-year window, the weekly returns of CCI and WAY correlate at -0.16, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.11) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -195.7 %².
WAY is close to the least connected end of CCI's tracked universe, ranking #28 of 30. The trailing year gives CCI the advantage: -21.5% versus -32.1%, a 10.6-point spread. One caveat on sizing: WAY is 1.5 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.
CCI vs WAY: side by side
| CCI (Crown Castle) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -21.5% | -32.1% |
| 5-year return | -50.4% | n/a |
| Volatility (ann.) | 28.4% | 43.8% |
| Beta vs S&P 500 | 0.22 | 1.07 |
| Max drawdown (3Y) | -33.0% | -61.8% |
| Market cap | $32.8B | $4.8B |
| P/E (trailing) | 30.9 | 34.6 |
| Dividend yield | 5.63% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | CCI | WAY |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | -10.2% | – |
| 2024 | -16.4% | – |
| 2025 | +3.0% | -10.8% |
| 2026 | -13.5% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCI and WAY good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CCI and WAY?
The CCI/WAY correlation stands at -0.16 on a 3-year window (1 year: -0.11, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for CCI?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
A reading of -0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cci-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cci-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCI correlations · WAY correlations
