FLYW vs TH: Correlation
How closely do Flywire Corporation - Voting (FLYW) and Target Hospitality Corp. (TH) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYW and TH?
On 3 years of weekly data the FLYW/TH correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.32 over 3 years. The 5-year figure is 0.26, and annualized covariance runs at 1103.7 %².
By 3-year correlation, TH places #7 of the 12 assets tracked against FLYW. Correlation aside, the last 12 months split them widely, with TH ahead by 70.4 points (+43.1% versus +113.5%).
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 TH: side by side
| FLYW (Flywire Corporation - Voting) | TH (Target Hospitality Corp.) | |
|---|---|---|
| 1-year return | +43.1% | +113.5% |
| 5-year return | -57.5% | +383.7% |
| Volatility (ann.) | 54.1% | 63.3% |
| Beta vs S&P 500 | 1.13 | 0.47 |
| Max drawdown (3Y) | -75.7% | -69.1% |
| Market cap | $2.3B | $1.9B |
| P/E (trailing) | 69.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYW | TH |
|---|---|---|
| 2022 | -35.7% | +325.3% |
| 2023 | -5.4% | -35.7% |
| 2024 | -10.9% | -0.7% |
| 2025 | -31.3% | -17.1% |
| 2026 | +32.1% | +136.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYW and TH good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FLYW and TH?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.14 over the last year and 0.26 over 5 years.
Is TH a good diversifier for FLYW?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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-th.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flyw-vs-th/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLYW correlations · TH correlations
