GTN vs SHEN: Correlation
Measured on weekly returns over the past three years, Gray Media, Inc. (GTN) and Shenandoah Telecommunications Co (SHEN) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTN and SHEN?
Over the past 3 years, GTN and SHEN moved with a correlation of 0.40, which is moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.40 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 1149.0 %².
Among the 14 assets we track against GTN, SHEN ranks #9 by 3-year correlation. The trailing year gives SHEN the advantage: -18.0% versus -8.5%, a 9.5-point spread. One caveat on sizing: GTN is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SHEN: side by side
| GTN (Gray Media, Inc.) | SHEN (Shenandoah Telecommunications Co) | |
|---|---|---|
| 1-year return | -18.0% | -8.5% |
| 5-year return | -73.2% | -57.4% |
| Volatility (ann.) | 68.6% | 41.9% |
| Beta vs S&P 500 | 0.76 | 0.25 |
| Max drawdown (3Y) | -68.1% | -59.2% |
| Market cap | $0.5B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 6.50% | 0.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTN | SHEN |
|---|---|---|
| 2022 | -43.4% | -37.5% |
| 2023 | -16.7% | +36.6% |
| 2024 | -62.4% | -41.3% |
| 2025 | +64.6% | -7.4% |
| 2026 | +2.7% | +5.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTN and SHEN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GTN and SHEN?
As of 2026-08-27, the correlation of weekly returns between GTN and SHEN is 0.40 over 3 years, 0.35 over 1 year and 0.34 over 5 years.
Is SHEN a good diversifier for GTN?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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
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[](https://www.pairbook.io/pair/gtn-vs-shen/)
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Related comparisons
Hubs: GTN correlations · SHEN correlations
