PACK vs TBCH: Correlation
How closely do Ranpak Holdings Corp (PACK) and Turtle Beach Corporation (TBCH) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PACK and TBCH?
On 3 years of weekly data the PACK/TBCH correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.50 over 3 years. The 5-year figure is 0.36, and annualized covariance runs at 2174.4 %².
Few assets follow PACK as closely as TBCH, which ranks #2 of 14 tracked partners. Over the last 12 months PACK came out ahead by 9.7 percentage points (-6.9% against -16.6%).
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.
PACK vs TBCH: side by side
| PACK (Ranpak Holdings Corp) | TBCH (Turtle Beach Corporation) | |
|---|---|---|
| 1-year return | -6.9% | -16.6% |
| 5-year return | -83.7% | -55.7% |
| Volatility (ann.) | 75.3% | 57.8% |
| Beta vs S&P 500 | 1.81 | 2.21 |
| Max drawdown (3Y) | -64.5% | -51.8% |
| Market cap | $0.4B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PACK | TBCH |
|---|---|---|
| 2022 | -84.6% | -67.8% |
| 2023 | +0.9% | +52.7% |
| 2024 | +18.2% | +58.1% |
| 2025 | -21.4% | -18.9% |
| 2026 | -7.2% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PACK and TBCH good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PACK and TBCH?
The PACK/TBCH correlation stands at 0.50 on a 3-year window (1 year: 0.31, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is TBCH a good diversifier for PACK?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 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/pack-vs-tbch.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pack-vs-tbch/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PACK correlations · TBCH correlations
