FWRG vs PLAY: Correlation
How closely do First Watch Restaurant Group, Inc. (FWRG) and Dave & Buster's Entertainment, Inc. (PLAY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRG and PLAY?
Over the past 3 years, FWRG and PLAY moved with a correlation of 0.46, which is moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.46). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 1446.3 %².
PLAY is one of the assets that tracks FWRG most closely: it ranks #2 out of the 11 assets we track against FWRG. The last year tells two different stories: FWRG led by 29.6 percentage points, -34.3% for FWRG against -63.9% for PLAY.
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.
FWRG vs PLAY: side by side
| FWRG (First Watch Restaurant Group, Inc.) | PLAY (Dave & Buster's Entertainment, Inc.) | |
|---|---|---|
| 1-year return | -34.3% | -63.9% |
| 5-year return | -44.1% | -74.8% |
| Volatility (ann.) | 49.3% | 63.8% |
| Beta vs S&P 500 | 1.01 | 1.25 |
| Max drawdown (3Y) | -60.4% | -86.6% |
| Market cap | $0.8B | $0.3B |
| P/E (trailing) | 45.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRG | PLAY |
|---|---|---|
| 2022 | -19.3% | -7.7% |
| 2023 | +48.6% | +51.9% |
| 2024 | -7.4% | -45.8% |
| 2025 | -19.0% | -44.5% |
| 2026 | -17.9% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRG and PLAY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRG and PLAY?
As of 2026-08-27, the correlation of weekly returns between FWRG and PLAY is 0.46 over 3 years, 0.62 over 1 year and 0.41 over 5 years.
Is PLAY a good diversifier for FWRG?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/fwrg-vs-play.json
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[](https://www.pairbook.io/pair/fwrg-vs-play/)
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Related comparisons
Hubs: FWRG correlations · PLAY correlations
