OTEX vs WEAV: Correlation
How closely do Open Text Corporation (OTEX) and Weave Communications, Inc. (WEAV) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTEX and WEAV?
Over the past 3 years, OTEX and WEAV moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 1082.1 %².
WEAV is one of the assets that tracks OTEX most closely: it ranks #1 out of the 15 assets we track against OTEX. Over the last 12 months WEAV came out ahead by 14.9 percentage points (-20.7% against -5.8%). One caveat on sizing: WEAV is 1.8 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.
OTEX vs WEAV: side by side
| OTEX (Open Text Corporation) | WEAV (Weave Communications, Inc.) | |
|---|---|---|
| 1-year return | -20.7% | -5.8% |
| 5-year return | -46.4% | -61.1% |
| Volatility (ann.) | 32.4% | 58.9% |
| Beta vs S&P 500 | 1.06 | 1.62 |
| Max drawdown (3Y) | -50.4% | -74.9% |
| Market cap | $6.1B | $0.6B |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 4.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OTEX | WEAV |
|---|---|---|
| 2022 | -35.9% | -69.8% |
| 2023 | +45.4% | +150.4% |
| 2024 | -30.4% | +38.8% |
| 2025 | +19.3% | -52.3% |
| 2026 | -21.0% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTEX and WEAV good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OTEX and WEAV?
The OTEX/WEAV correlation stands at 0.57 on a 3-year window (1 year: 0.57, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is WEAV a good diversifier for OTEX?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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/otex-vs-weav.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/otex-vs-weav/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OTEX correlations · WEAV correlations
