DOC vs WALD: Correlation
Measured on weekly returns over the past three years, Healthpeak Properties (DOC) and Waldencast plc - Class A (WALD) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOC and WALD?
Across a 3-year window, the weekly returns of DOC and WALD correlate at 0.43, moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.43). Stretching to 5 years gives 0.28, with an annualized covariance of 1099.9 %².
Within DOC's tracked universe of 35 assets, WALD comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DOC ahead by 42.7 points (+26.7% versus -16.0%). Note the risk asymmetry: WALD runs 3.5 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.
DOC vs WALD: side by side
| DOC (Healthpeak Properties) | WALD (Waldencast plc - Class A) | |
|---|---|---|
| 1-year return | +26.7% | -16.0% |
| 5-year return | -21.6% | -86.1% |
| Volatility (ann.) | 27.1% | 95.0% |
| Beta vs S&P 500 | 0.53 | 0.48 |
| Max drawdown (3Y) | -26.0% | -93.4% |
| Market cap | $15.0B | $0.2B |
| P/E (trailing) | 62.4 | – |
| Dividend yield | 5.65% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | DOC | WALD |
|---|---|---|
| 2022 | -27.5% | -8.8% |
| 2023 | -16.4% | +20.6% |
| 2024 | +8.8% | -63.3% |
| 2025 | -15.2% | -53.2% |
| 2026 | +37.9% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOC and WALD good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DOC and WALD?
As of 2026-08-27, the correlation of weekly returns between DOC and WALD is 0.43 over 3 years, 0.55 over 1 year and 0.28 over 5 years.
Is WALD a good diversifier for DOC?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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/doc-vs-wald.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/doc-vs-wald/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOC correlations · WALD correlations
