FRPT vs WING: Correlation
How closely do Freshpet, Inc. (FRPT) and Wingstop Inc. (WING) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRPT and WING?
Across a 3-year window, the weekly returns of FRPT and WING correlate at 0.47, moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.47). Stretching to 5 years gives 0.39, with an annualized covariance of 1180.3 %².
Few assets follow FRPT as closely as WING, which ranks #3 of 13 tracked partners. The last year tells two different stories: FRPT led by 94.0 percentage points, +26.7% for FRPT against -67.3% for WING.
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.
FRPT vs WING: side by side
| FRPT (Freshpet, Inc.) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | +26.7% | -67.3% |
| 5-year return | -42.7% | -31.4% |
| Volatility (ann.) | 45.9% | 55.1% |
| Beta vs S&P 500 | 1.15 | 1.29 |
| Max drawdown (3Y) | -70.9% | -74.0% |
| Market cap | $3.5B | $3.0B |
| P/E (trailing) | 19.4 | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRPT | WING |
|---|---|---|
| 2022 | -44.6% | -17.1% |
| 2023 | +64.4% | +87.3% |
| 2024 | +70.7% | +11.1% |
| 2025 | -58.9% | -15.7% |
| 2026 | +19.4% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRPT and WING good diversifiers for each other?
Reasonably. At 0.47, FRPT and WING keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRPT and WING?
As of 2026-08-27, the correlation of weekly returns between FRPT and WING is 0.47 over 3 years, 0.58 over 1 year and 0.39 over 5 years.
Is WING a good diversifier for FRPT?
Reasonably. At 0.47, FRPT and WING keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/frpt-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frpt-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FRPT correlations · WING correlations
