DVN vs WAY: Correlation
How closely do Devon Energy (DVN) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and WAY?
Over the past 3 years, DVN and WAY moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.24 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -374.9 %².
Among the 42 assets we track against DVN, WAY sits near the bottom by co-movement, at rank #40. Their recent paths diverged sharply: over the last 12 months DVN outperformed by 68.0 percentage points (+35.9% for DVN against -32.1% for WAY).
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.
DVN vs WAY: side by side
| DVN (Devon Energy) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +35.9% | -32.1% |
| 5-year return | +102.7% | n/a |
| Volatility (ann.) | 34.3% | 43.8% |
| Beta vs S&P 500 | 0.16 | 1.07 |
| Max drawdown (3Y) | -49.2% | -61.8% |
| Market cap | $51.8B | $4.8B |
| P/E (trailing) | 10.2 | 34.6 |
| Dividend yield | 2.22% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | WAY |
|---|---|---|
| 2022 | +50.9% | – |
| 2023 | -21.8% | – |
| 2024 | -25.2% | – |
| 2025 | +15.0% | -10.8% |
| 2026 | +30.2% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and WAY good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DVN and WAY?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.44 over the last year and n/a over 5 years.
Is WAY a good diversifier for DVN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dvn-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dvn-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DVN correlations · WAY correlations
