COLD vs WEN: Correlation
How closely do Americold Realty Trust, Inc. (COLD) and Wendy's Company (The) (WEN) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLD and WEN?
Over the past 3 years, COLD and WEN moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 491.1 %².
By 3-year correlation, WEN places #9 of the 18 assets tracked against COLD. Correlation aside, the last 12 months split them widely, with COLD ahead by 28.4 points (+8.3% versus -20.1%).
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.
COLD vs WEN: side by side
| COLD (Americold Realty Trust, Inc.) | WEN (Wendy's Company (The)) | |
|---|---|---|
| 1-year return | +8.3% | -20.1% |
| 5-year return | -49.6% | -56.6% |
| Volatility (ann.) | 35.4% | 31.4% |
| Beta vs S&P 500 | 0.70 | 0.40 |
| Max drawdown (3Y) | -67.1% | -66.3% |
| Market cap | $4.3B | $1.5B |
| P/E (trailing) | – | 11.8 |
| Dividend yield | 6.02% | 6.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | COLD | WEN |
|---|---|---|
| 2022 | -10.9% | -2.8% |
| 2023 | +10.1% | -9.7% |
| 2024 | -26.7% | -11.4% |
| 2025 | -36.2% | -45.8% |
| 2026 | +21.0% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLD and WEN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COLD and WEN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.50 over the last year and 0.42 over 5 years.
Is WEN a good diversifier for COLD?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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
$ curl https://www.pairbook.io/api/v1/pairs/cold-vs-wen.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cold-vs-wen/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COLD correlations · WEN correlations
