MTW vs PAYS: Correlation
Manitowoc Company, Inc. (The) (MTW) and Paysign, Inc. (PAYS) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and PAYS?
Across a 3-year window, the weekly returns of MTW and PAYS correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.47 over 3 years. Stretching to 5 years gives 0.41, with an annualized covariance of 2048.7 %².
Among the 18 assets we track against MTW, PAYS ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PAYS outperformed by 61.2 percentage points (+88.0% for MTW against +149.2% for PAYS). One caveat on sizing: PAYS is 1.5 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.
MTW vs PAYS: side by side
| MTW (Manitowoc Company, Inc. (The)) | PAYS (Paysign, Inc.) | |
|---|---|---|
| 1-year return | +88.0% | +149.2% |
| 5-year return | -22.9% | +430.6% |
| Volatility (ann.) | 53.7% | 81.0% |
| Beta vs S&P 500 | 1.63 | 1.60 |
| Max drawdown (3Y) | -58.5% | -64.6% |
| Market cap | $0.7B | $0.7B |
| P/E (trailing) | 34.6 | 50.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | PAYS |
|---|---|---|
| 2022 | -50.7% | +61.2% |
| 2023 | +82.2% | +8.5% |
| 2024 | -45.3% | +7.9% |
| 2025 | +31.3% | +70.5% |
| 2026 | +58.5% | +155.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and PAYS good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTW and PAYS?
The MTW/PAYS correlation stands at 0.47 on a 3-year window (1 year: 0.34, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is PAYS a good diversifier for MTW?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtw-vs-pays.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtw-vs-pays/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTW correlations · PAYS correlations
