EXE vs TRLV: Correlation
How closely do Expand Energy (EXE) and Trulieve Cannabis Corp. Subordinate Voting Shares (TRLV) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and TRLV?
On 3 years of weekly data the EXE/TRLV correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.03, and annualized covariance runs at -544.8 %².
By 3-year correlation, TRLV places #25 of the 32 assets tracked against EXE. Correlation aside, the last 12 months split them widely, with TRLV ahead by 17.5 points (+5.2% versus +22.7%). One caveat on sizing: TRLV is 3.2 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.
EXE vs TRLV: side by side
| EXE (Expand Energy) | TRLV (Trulieve Cannabis Corp. Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +5.2% | +22.7% |
| 5-year return | +125.8% | -59.1% |
| Volatility (ann.) | 28.2% | 89.9% |
| Beta vs S&P 500 | 0.31 | 1.02 |
| Max drawdown (3Y) | -28.4% | -77.5% |
| Market cap | $22.7B | $2.1B |
| P/E (trailing) | 8.3 | – |
| Dividend yield | 3.30% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EXE | TRLV |
|---|---|---|
| 2022 | +62.3% | -70.9% |
| 2023 | -14.8% | -31.2% |
| 2024 | +33.2% | -0.5% |
| 2025 | +14.4% | +67.6% |
| 2026 | -9.6% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and TRLV good diversifiers for each other?
Yes. With a correlation of -0.21, EXE and TRLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXE and TRLV?
As of 2026-08-27, the correlation of weekly returns between EXE and TRLV is -0.21 over 3 years, -0.26 over 1 year and -0.03 over 5 years.
Is TRLV a good diversifier for EXE?
Yes. With a correlation of -0.21, EXE and TRLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/exe-vs-trlv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exe-vs-trlv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXE correlations · TRLV correlations
