HQY vs WAY: Correlation
Measured on weekly returns over the past three years, HealthEquity, Inc. (HQY) and Waystar Holding Corp. (WAY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and WAY?
Over the past 3 years, HQY and WAY moved with a correlation of 0.46, which is moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 711.0 %².
In HQY's tracked universe of 14 assets, WAY sits right near the top at #1. Correlation aside, the last 12 months split them widely, with HQY ahead by 38.2 points (+6.1% versus -32.1%).
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.
HQY vs WAY: side by side
| HQY (HealthEquity, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +6.1% | -32.1% |
| 5-year return | +45.4% | n/a |
| Volatility (ann.) | 32.9% | 43.8% |
| Beta vs S&P 500 | 0.63 | 1.07 |
| Max drawdown (3Y) | -36.1% | -61.8% |
| Market cap | $7.7B | $4.8B |
| P/E (trailing) | 39.1 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQY | WAY |
|---|---|---|
| 2022 | +39.3% | – |
| 2023 | +7.6% | – |
| 2024 | +44.7% | – |
| 2025 | -4.5% | -10.8% |
| 2026 | +1.9% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and WAY 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 HQY and WAY?
As of 2026-08-27, the correlation of weekly returns between HQY and WAY is 0.46 over 3 years, 0.54 over 1 year and n/a over 5 years.
Is WAY a good diversifier for HQY?
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?
A reading of 0.46 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/hqy-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hqy-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HQY correlations · WAY correlations
