FWRG vs XWEL: Correlation
Measured on weekly returns over the past three years, First Watch Restaurant Group, Inc. (FWRG) and XWELL, Inc. (XWEL) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRG and XWEL?
Over the past 3 years, FWRG and XWEL moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -2152.2 %².
Among the 11 assets we track against FWRG, XWEL sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with XWEL ahead by 26.8 points (-34.3% versus -7.5%). Note the risk asymmetry: XWEL runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XWEL: side by side
| FWRG (First Watch Restaurant Group, Inc.) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | -34.3% | -7.5% |
| 5-year return | -44.1% | -97.2% |
| Volatility (ann.) | 49.3% | 188.4% |
| Beta vs S&P 500 | 1.01 | 0.41 |
| Max drawdown (3Y) | -60.4% | -92.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 45.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRG | XWEL |
|---|---|---|
| 2022 | -19.3% | -82.2% |
| 2023 | +48.6% | -75.8% |
| 2024 | -7.4% | -13.2% |
| 2025 | -19.0% | -69.5% |
| 2026 | -17.9% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRG and XWEL good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FWRG and XWEL?
As of 2026-08-27, the correlation of weekly returns between FWRG and XWEL is -0.23 over 3 years, -0.40 over 1 year and -0.15 over 5 years.
Is XWEL a good diversifier for FWRG?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwrg-vs-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwrg-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWRG correlations · XWEL correlations
