FIGS vs GTN: Correlation
Measured on weekly returns over the past three years, FIGS, Inc. (FIGS) and Gray Media, Inc. (GTN) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIGS and GTN?
On 3 years of weekly data the FIGS/GTN correlation comes out at 0.45, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.45 over 3. The 5-year figure is 0.32, and annualized covariance runs at 1960.8 %².
In FIGS's tracked universe of 11 assets, GTN sits right near the top at #1. Correlation aside, the last 12 months split them widely, with FIGS ahead by 131.3 points (+113.3% versus -18.0%).
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.
FIGS vs GTN: side by side
| FIGS (FIGS, Inc.) | GTN (Gray Media, Inc.) | |
|---|---|---|
| 1-year return | +113.3% | -18.0% |
| 5-year return | -63.9% | -73.2% |
| Volatility (ann.) | 63.9% | 68.6% |
| Beta vs S&P 500 | 0.92 | 0.76 |
| Max drawdown (3Y) | -54.4% | -68.1% |
| Market cap | $2.5B | $0.5B |
| P/E (trailing) | 45.8 | – |
| Dividend yield | 0.00% | 6.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIGS | GTN |
|---|---|---|
| 2022 | -75.6% | -43.4% |
| 2023 | +3.3% | -16.7% |
| 2024 | -10.9% | -62.4% |
| 2025 | +83.5% | +64.6% |
| 2026 | +32.9% | +2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIGS and GTN good diversifiers for each other?
Reasonably. At 0.45, FIGS and GTN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FIGS and GTN?
The FIGS/GTN correlation stands at 0.45 on a 3-year window (1 year: 0.49, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is GTN a good diversifier for FIGS?
Reasonably. At 0.45, FIGS and GTN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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/figs-vs-gtn.json
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Related comparisons
Hubs: FIGS correlations · GTN correlations
