FLYW vs TRNR: Correlation
How closely do Flywire Corporation - Voting (FLYW) and Interactive Strength Inc. (TRNR) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYW and TRNR?
On 3 years of weekly data the FLYW/TRNR correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.09) than the 3-year average (-0.23). The 5-year figure is n/a, and annualized covariance runs at -1925.9 %².
Among the 12 assets we track against FLYW, TRNR sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months FLYW outperformed by 142.0 percentage points (+43.1% for FLYW against -98.9% for TRNR). Risk is not evenly split, since TRNR carries 2.8 times the volatility of the other side.
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 TRNR: side by side
| FLYW (Flywire Corporation - Voting) | TRNR (Interactive Strength Inc.) | |
|---|---|---|
| 1-year return | +43.1% | -98.9% |
| 5-year return | -57.5% | n/a |
| Volatility (ann.) | 54.1% | 151.7% |
| Beta vs S&P 500 | 1.13 | 1.38 |
| Max drawdown (3Y) | -75.7% | -100.0% |
| Market cap | $2.3B | – |
| P/E (trailing) | 69.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYW | TRNR |
|---|---|---|
| 2022 | -35.7% | – |
| 2023 | -5.4% | – |
| 2024 | -10.9% | -99.9% |
| 2025 | -31.3% | -97.0% |
| 2026 | +32.1% | -94.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYW and TRNR good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLYW and TRNR?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.09 over the last year and n/a over 5 years.
Is TRNR a good diversifier for FLYW?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FLYW correlations · TRNR correlations
