DRI vs FWRG: Correlation
Darden Restaurants (DRI) and First Watch Restaurant Group, Inc. (FWRG) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DRI and FWRG?
On 3 years of weekly data the DRI/FWRG correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 539.0 %².
By 3-year correlation, FWRG places #11 of the 34 assets tracked against DRI. The last year tells two different stories: DRI led by 39.9 percentage points, +5.6% for DRI against -34.3% for FWRG. One caveat on sizing: FWRG is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DRI vs FWRG: side by side
| DRI (Darden Restaurants) | FWRG (First Watch Restaurant Group, Inc.) | |
|---|---|---|
| 1-year return | +5.6% | -34.3% |
| 5-year return | +66.1% | -44.1% |
| Volatility (ann.) | 25.2% | 49.3% |
| Beta vs S&P 500 | 0.52 | 1.01 |
| Max drawdown (3Y) | -23.9% | -60.4% |
| Market cap | $24.0B | $0.8B |
| P/E (trailing) | 21.0 | 45.9 |
| Dividend yield | 2.74% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | DRI | FWRG |
|---|---|---|
| 2022 | -4.8% | -19.3% |
| 2023 | +22.8% | +48.6% |
| 2024 | +17.7% | -7.4% |
| 2025 | +1.6% | -19.0% |
| 2026 | +17.4% | -17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DRI and FWRG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DRI and FWRG?
The DRI/FWRG correlation stands at 0.43 on a 3-year window (1 year: 0.49, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is FWRG a good diversifier for DRI?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/dri-vs-fwrg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dri-vs-fwrg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DRI correlations · FWRG correlations
