LESL vs TH: Correlation
Measured on weekly returns over the past three years, Leslie's, Inc. (LESL) and Target Hospitality Corp. (TH) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LESL and TH?
Over the past 3 years, LESL and TH moved with a correlation of 0.33, which is moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.33). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 2613.8 %².
By 3-year correlation, TH places #6 of the 11 assets tracked against LESL. Their recent paths diverged sharply: over the last 12 months TH outperformed by 205.9 percentage points (-92.4% for LESL against +113.5% for TH). One caveat on sizing: LESL is 2.0 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.
LESL vs TH: side by side
| LESL (Leslie's, Inc.) | TH (Target Hospitality Corp.) | |
|---|---|---|
| 1-year return | -92.4% | +113.5% |
| 5-year return | -99.9% | +383.7% |
| Volatility (ann.) | 125.8% | 63.3% |
| Beta vs S&P 500 | 1.83 | 0.47 |
| Max drawdown (3Y) | -99.7% | -69.1% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LESL | TH |
|---|---|---|
| 2022 | -48.4% | +325.3% |
| 2023 | -43.4% | -35.7% |
| 2024 | -67.7% | -0.7% |
| 2025 | -96.3% | -17.1% |
| 2026 | -67.7% | +136.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LESL and TH good diversifiers for each other?
Reasonably. At 0.33, LESL and TH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LESL and TH?
As of 2026-08-27, the correlation of weekly returns between LESL and TH is 0.33 over 3 years, 0.51 over 1 year and 0.23 over 5 years.
Is TH a good diversifier for LESL?
Reasonably. At 0.33, LESL and TH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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/lesl-vs-th.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lesl-vs-th/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LESL correlations · TH correlations
