DLO vs TLS: Correlation
Measured on weekly returns over the past three years, DLocal Limited - Class A (DLO) and Telos Corporation (TLS) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLO and TLS?
Over the past 3 years, DLO and TLS moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 2795.6 %².
Few assets follow DLO as closely as TLS, which ranks #2 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with DLO ahead by 23.6 points (+6.3% versus -17.3%). Note the risk asymmetry: TLS runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DLO vs TLS: side by side
| DLO (DLocal Limited - Class A) | TLS (Telos Corporation) | |
|---|---|---|
| 1-year return | +6.3% | -17.3% |
| 5-year return | -74.1% | -85.1% |
| Volatility (ann.) | 55.6% | 110.3% |
| Beta vs S&P 500 | 1.22 | 2.54 |
| Max drawdown (3Y) | -68.6% | -58.3% |
| Market cap | $4.5B | $0.4B |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLO | TLS |
|---|---|---|
| 2022 | -56.4% | -67.0% |
| 2023 | +13.6% | -28.3% |
| 2024 | -36.3% | -6.3% |
| 2025 | +31.7% | +49.1% |
| 2026 | +8.9% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLO and TLS good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DLO and TLS?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.45 over the last year and 0.32 over 5 years.
Is TLS a good diversifier for DLO?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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.
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Related comparisons
Hubs: DLO correlations · TLS correlations
