CHE vs XWEL: Correlation
How closely do Chemed Corp (CHE) and XWELL, Inc. (XWEL) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHE and XWEL?
Over the past 3 years, CHE and XWEL moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.28). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -1388.9 %².
Out of 16 assets tracked against CHE, XWEL lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months CHE outperformed by 22.4 percentage points (+14.9% for CHE against -7.5% for XWEL). One caveat on sizing: XWEL is 7.2 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.
CHE vs XWEL: side by side
| CHE (Chemed Corp) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | +14.9% | -7.5% |
| 5-year return | +12.2% | -97.2% |
| Volatility (ann.) | 26.0% | 188.4% |
| Beta vs S&P 500 | 0.21 | 0.41 |
| Max drawdown (3Y) | -42.9% | -92.8% |
| Market cap | $6.8B | – |
| P/E (trailing) | 27.6 | – |
| Dividend yield | 0.44% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHE | XWEL |
|---|---|---|
| 2022 | -3.2% | -82.2% |
| 2023 | +14.9% | -75.8% |
| 2024 | -9.1% | -13.2% |
| 2025 | -18.9% | -69.5% |
| 2026 | +22.1% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHE and XWEL good diversifiers for each other?
Yes. With a correlation of -0.28, CHE and XWEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHE and XWEL?
The CHE/XWEL correlation stands at -0.28 on a 3-year window (1 year: -0.43, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is XWEL a good diversifier for CHE?
Yes. With a correlation of -0.28, CHE and XWEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/che-vs-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/che-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHE correlations · XWEL correlations
