DAVE vs TOST: Correlation
Measured on weekly returns over the past three years, Dave Inc. (DAVE) and Toast, Inc. (TOST) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAVE and TOST?
On 3 years of weekly data the DAVE/TOST correlation comes out at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 2431.6 %².
In DAVE's tracked universe of 11 assets, TOST sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months DAVE outperformed by 99.8 percentage points (+80.0% for DAVE against -19.8% for TOST). Risk is not evenly split, since DAVE carries 2.1 times the volatility of the other side.
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.
DAVE vs TOST: side by side
| DAVE (Dave Inc.) | TOST (Toast, Inc.) | |
|---|---|---|
| 1-year return | +80.0% | -19.8% |
| 5-year return | +18.4% | -43.7% |
| Volatility (ann.) | 100.5% | 47.1% |
| Beta vs S&P 500 | 2.12 | 1.36 |
| Max drawdown (3Y) | -44.7% | -54.7% |
| Market cap | $4.8B | $20.3B |
| P/E (trailing) | 24.0 | 46.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAVE | TOST |
|---|---|---|
| 2022 | -97.2% | -48.1% |
| 2023 | -9.6% | +1.3% |
| 2024 | +936.6% | +99.6% |
| 2025 | +154.7% | -2.6% |
| 2026 | +68.9% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAVE and TOST good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DAVE and TOST?
The DAVE/TOST correlation stands at 0.51 on a 3-year window (1 year: 0.53, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is TOST a good diversifier for DAVE?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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/dave-vs-tost.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dave-vs-tost/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DAVE correlations · TOST correlations
