DIN vs FWRG: Correlation
Measured on weekly returns over the past three years, Dine Brands Global, Inc. (DIN) and First Watch Restaurant Group, Inc. (FWRG) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIN and FWRG?
Over the past 3 years, DIN and FWRG moved with a correlation of 0.47, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.68 versus 0.47 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 1004.3 %².
Among the 14 assets we track against DIN, FWRG ranks #7 by 3-year correlation. The last year tells two different stories: DIN led by 86.3 percentage points, +52.0% for DIN against -34.3% for FWRG.
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.
DIN vs FWRG: side by side
| DIN (Dine Brands Global, Inc.) | FWRG (First Watch Restaurant Group, Inc.) | |
|---|---|---|
| 1-year return | +52.0% | -34.3% |
| 5-year return | -49.2% | -44.1% |
| Volatility (ann.) | 43.4% | 49.3% |
| Beta vs S&P 500 | 0.81 | 1.01 |
| Max drawdown (3Y) | -63.3% | -60.4% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | 56.5 | 45.9 |
| Dividend yield | 3.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DIN | FWRG |
|---|---|---|
| 2022 | -12.4% | -19.3% |
| 2023 | -20.3% | +48.6% |
| 2024 | -35.7% | -7.4% |
| 2025 | +14.1% | -19.0% |
| 2026 | +5.0% | -17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIN and FWRG good diversifiers for each other?
Reasonably. At 0.47, DIN and FWRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DIN and FWRG?
As of 2026-08-27, the correlation of weekly returns between DIN and FWRG is 0.47 over 3 years, 0.68 over 1 year and 0.46 over 5 years.
Is FWRG a good diversifier for DIN?
Reasonably. At 0.47, DIN and FWRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/din-vs-fwrg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/din-vs-fwrg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIN correlations · FWRG correlations
