ISRG vs WAY: Correlation
Intuitive Surgical (ISRG) and Waystar Holding Corp. (WAY) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ISRG and WAY?
Across a 3-year window, the weekly returns of ISRG and WAY correlate at 0.52, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.52 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 737.0 %².
Within ISRG's tracked universe of 36 assets, WAY comes in at #16 by 3-year correlation. On 12-month performance ISRG holds a 10.0-point edge, -22.1% against -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.
ISRG vs WAY: side by side
| ISRG (Intuitive Surgical) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -22.1% | -32.1% |
| 5-year return | +4.0% | n/a |
| Volatility (ann.) | 31.1% | 43.8% |
| Beta vs S&P 500 | 1.20 | 1.07 |
| Max drawdown (3Y) | -45.6% | -61.8% |
| Market cap | $131.5B | $4.8B |
| P/E (trailing) | 42.5 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | ISRG | WAY |
|---|---|---|
| 2022 | -26.1% | – |
| 2023 | +27.1% | – |
| 2024 | +54.7% | – |
| 2025 | +8.5% | -10.8% |
| 2026 | -35.2% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ISRG and WAY good diversifiers for each other?
Only partially. A correlation of 0.52 means ISRG and WAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ISRG and WAY?
The ISRG/WAY correlation stands at 0.52 on a 3-year window (1 year: 0.54, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for ISRG?
Only partially. A correlation of 0.52 means ISRG and WAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/isrg-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/isrg-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ISRG correlations · WAY correlations
