PAYX vs TER: Correlation
Paychex (PAYX) and Teradyne (TER) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYX and TER?
Over the past 3 years, PAYX and TER moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.18). Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is -197.7 %².
By 3-year correlation, TER places #29 of the 37 assets tracked against PAYX. The last year tells two different stories: TER led by 223.6 percentage points, -4.8% for PAYX against +218.8% for TER. The relationship is regime-dependent: the rolling one-year correlation swung between -0.56 and 0.56 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since TER carries 2.5 times the volatility of the other side.
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.
PAYX vs TER: side by side
| PAYX (Paychex) | TER (Teradyne) | |
|---|---|---|
| 1-year return | -4.8% | +218.8% |
| 5-year return | +29.0% | +207.9% |
| Volatility (ann.) | 21.3% | 52.5% |
| Beta vs S&P 500 | 0.47 | 1.70 |
| Max drawdown (3Y) | -45.0% | -58.2% |
| Market cap | $45.0B | $58.2B |
| P/E (trailing) | 25.5 | 50.0 |
| Dividend yield | 0.00% | 0.14% |
| Sector / category | Industrials | Information Technology |
Year-by-year returns
| Year | PAYX | TER |
|---|---|---|
| 2022 | -13.2% | -46.3% |
| 2023 | +6.2% | +24.8% |
| 2024 | +21.3% | +16.5% |
| 2025 | -17.5% | +54.4% |
| 2026 | +16.6% | +92.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYX and TER good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between PAYX and TER?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.54 over the last year and 0.09 over 5 years.
Is TER a good diversifier for PAYX?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
A reading of -0.18 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/payx-vs-ter.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/payx-vs-ter/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PAYX correlations · TER correlations
