GWAV vs TPL: Correlation
Greenwave Technology Solutions, Inc. (GWAV) and Texas Pacific Land Corporation (TPL) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWAV and TPL?
On 3 years of weekly data the GWAV/TPL correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.14 over 1 year against -0.20 over 3. The 5-year figure is -0.17, and annualized covariance runs at -2107.8 %².
Out of 12 assets tracked against GWAV, TPL lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months TPL outperformed by 66.7 percentage points (-43.9% for GWAV against +22.8% for TPL). Note the risk asymmetry: GWAV runs 4.2 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.
GWAV vs TPL: side by side
| GWAV (Greenwave Technology Solutions, Inc.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | -43.9% | +22.8% |
| 5-year return | -100.0% | +149.6% |
| Volatility (ann.) | 209.4% | 50.0% |
| Beta vs S&P 500 | 2.43 | 0.62 |
| Max drawdown (3Y) | -100.0% | -52.2% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | GWAV | TPL |
|---|---|---|
| 2022 | -93.8% | +91.3% |
| 2023 | -35.9% | -32.4% |
| 2024 | -99.2% | +115.3% |
| 2025 | -93.2% | -21.6% |
| 2026 | -17.0% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWAV and TPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between GWAV and TPL?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.14 over the last year and -0.17 over 5 years.
Is TPL a good diversifier for GWAV?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 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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Related comparisons
Hubs: GWAV correlations · TPL correlations
