DOCS vs WAY: Correlation
Doximity, Inc. (DOCS) and Waystar Holding Corp. (WAY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and WAY?
Across a 3-year window, the weekly returns of DOCS and WAY correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 1511.6 %².
Among the 15 assets we track against DOCS, WAY ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAY ahead by 30.3 points (-62.4% versus -32.1%).
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.
DOCS vs WAY: side by side
| DOCS (Doximity, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -62.4% | -32.1% |
| 5-year return | -69.1% | n/a |
| Volatility (ann.) | 59.8% | 43.8% |
| Beta vs S&P 500 | 1.53 | 1.07 |
| Max drawdown (3Y) | -78.3% | -61.8% |
| Market cap | $4.6B | $4.8B |
| P/E (trailing) | 29.4 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCS | WAY |
|---|---|---|
| 2022 | -33.1% | – |
| 2023 | -16.4% | – |
| 2024 | +90.4% | – |
| 2025 | -17.1% | -10.8% |
| 2026 | -42.2% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and WAY good diversifiers for each other?
To a limited degree. At 0.53 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 DOCS and WAY?
As of 2026-08-27, the correlation of weekly returns between DOCS and WAY is 0.53 over 3 years, 0.62 over 1 year and n/a over 5 years.
Is WAY a good diversifier for DOCS?
To a limited degree. At 0.53 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 0.53 mean?
On the −1 to +1 scale, 0.53 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/docs-vs-way.json
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Related comparisons
Hubs: DOCS correlations · WAY correlations
