GTN vs IHRT: Correlation
How closely do Gray Media, Inc. (GTN) and iHeartMedia, Inc. (IHRT) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTN and IHRT?
On 3 years of weekly data the GTN/IHRT correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.42 over 3. The 5-year figure is 0.43, and annualized covariance runs at 2806.4 %².
Within GTN's tracked universe of 14 assets, IHRT comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IHRT ahead by 38.6 points (-18.0% versus +20.6%).
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.
GTN vs IHRT: side by side
| GTN (Gray Media, Inc.) | IHRT (iHeartMedia, Inc.) | |
|---|---|---|
| 1-year return | -18.0% | +20.6% |
| 5-year return | -73.2% | -89.2% |
| Volatility (ann.) | 68.6% | 97.6% |
| Beta vs S&P 500 | 0.76 | 1.73 |
| Max drawdown (3Y) | -68.1% | -77.2% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 6.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTN | IHRT |
|---|---|---|
| 2022 | -43.4% | -70.9% |
| 2023 | -16.7% | -56.4% |
| 2024 | -62.4% | -25.8% |
| 2025 | +64.6% | +110.1% |
| 2026 | +2.7% | -35.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTN and IHRT good diversifiers for each other?
Reasonably. At 0.42, GTN and IHRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GTN and IHRT?
The GTN/IHRT correlation stands at 0.42 on a 3-year window (1 year: 0.36, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is IHRT a good diversifier for GTN?
Reasonably. At 0.42, GTN and IHRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/gtn-vs-ihrt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gtn-vs-ihrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GTN correlations · IHRT correlations
