COCO vs WAY: Correlation
How closely do The Vita Coco Company, Inc. (COCO) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COCO and WAY?
On 3 years of weekly data the COCO/WAY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.25 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -539.9 %².
WAY is close to the least connected end of COCO's tracked universe, ranking #9 of 10. The last year tells two different stories: COCO led by 110.0 percentage points, +77.9% for COCO against -32.1% for WAY.
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.
COCO vs WAY: side by side
| COCO (The Vita Coco Company, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +77.9% | -32.1% |
| 5-year return | +355.8% | n/a |
| Volatility (ann.) | 48.3% | 43.8% |
| Beta vs S&P 500 | 1.00 | 1.07 |
| Max drawdown (3Y) | -38.5% | -61.8% |
| Market cap | $3.6B | $4.8B |
| P/E (trailing) | 34.6 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | COCO | WAY |
|---|---|---|
| 2022 | +23.7% | – |
| 2023 | +85.6% | – |
| 2024 | +43.9% | – |
| 2025 | +43.6% | -10.8% |
| 2026 | +16.3% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COCO and WAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between COCO and WAY?
As of 2026-08-27, the correlation of weekly returns between COCO and WAY is -0.25 over 3 years, -0.51 over 1 year and n/a over 5 years.
Is WAY a good diversifier for COCO?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: COCO correlations · WAY correlations
