FLYW vs GDYN: Correlation
How closely do Flywire Corporation - Voting (FLYW) and Grid Dynamics Holdings, Inc. (GDYN) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYW and GDYN?
On 3 years of weekly data the FLYW/GDYN correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 1286.6 %².
Within FLYW's tracked universe of 12 assets, GDYN comes in at #4 by 3-year correlation. The last year tells two different stories: FLYW led by 45.3 percentage points, +43.1% for FLYW against -2.2% for GDYN.
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.
FLYW vs GDYN: side by side
| FLYW (Flywire Corporation - Voting) | GDYN (Grid Dynamics Holdings, Inc.) | |
|---|---|---|
| 1-year return | +43.1% | -2.2% |
| 5-year return | -57.5% | -70.4% |
| Volatility (ann.) | 54.1% | 48.4% |
| Beta vs S&P 500 | 1.13 | 1.54 |
| Max drawdown (3Y) | -75.7% | -78.3% |
| Market cap | $2.3B | $0.6B |
| P/E (trailing) | 69.3 | 263.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYW | GDYN |
|---|---|---|
| 2022 | -35.7% | -70.5% |
| 2023 | -5.4% | +18.8% |
| 2024 | -10.9% | +66.8% |
| 2025 | -31.3% | -59.4% |
| 2026 | +32.1% | -12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYW and GDYN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLYW and GDYN?
The FLYW/GDYN correlation stands at 0.49 on a 3-year window (1 year: 0.53, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is GDYN a good diversifier for FLYW?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/flyw-vs-gdyn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flyw-vs-gdyn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLYW correlations · GDYN correlations
