EQS vs TR: Correlation
How closely do Equus Total Return, Inc. (EQS) and Tootsie Roll Industries, Inc. (TR) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQS and TR?
On 3 years of weekly data the EQS/TR correlation comes out at 0.26, weak. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.17, and annualized covariance runs at 307.9 %².
Among the 17 assets we track against EQS, TR ranks #4 by 3-year correlation. The last year tells two different stories: TR led by 53.6 percentage points, -49.5% for EQS against +4.1% for TR. Note the risk asymmetry: EQS runs 1.9 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.
EQS vs TR: side by side
| EQS (Equus Total Return, Inc.) | TR (Tootsie Roll Industries, Inc.) | |
|---|---|---|
| 1-year return | -49.5% | +4.1% |
| 5-year return | -58.6% | +57.7% |
| Volatility (ann.) | 47.4% | 25.1% |
| Beta vs S&P 500 | -0.16 | 0.05 |
| Max drawdown (3Y) | -58.6% | -20.0% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 32.2 |
| Dividend yield | 0.00% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQS | TR |
|---|---|---|
| 2022 | -39.9% | +22.3% |
| 2023 | +1.4% | -18.8% |
| 2024 | -24.1% | +1.4% |
| 2025 | +28.2% | +17.9% |
| 2026 | -27.0% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQS and TR good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EQS and TR?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.32 over the last year and 0.17 over 5 years.
Is TR a good diversifier for EQS?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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.
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Related comparisons
Hubs: EQS correlations · TR correlations
