PAYX vs TNET: Correlation
Measured on weekly returns over the past three years, Paychex (PAYX) and TriNet Group, Inc. (TNET) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAYX and TNET?
Across a 3-year window, the weekly returns of PAYX and TNET correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.66 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.54, with an annualized covariance of 478.7 %².
By 3-year correlation, TNET places #6 of the 37 assets tracked against PAYX. Neither side won the trailing year by much: -4.8% against +0.0%. Note the risk asymmetry: TNET runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TNET: side by side
| PAYX (Paychex) | TNET (TriNet Group, Inc.) | |
|---|---|---|
| 1-year return | -4.8% | +0.0% |
| 5-year return | +29.0% | -20.5% |
| Volatility (ann.) | 21.3% | 40.1% |
| Beta vs S&P 500 | 0.47 | 0.77 |
| Max drawdown (3Y) | -45.0% | -74.0% |
| Market cap | $45.0B | $3.2B |
| P/E (trailing) | 25.5 | 18.6 |
| Dividend yield | 0.00% | 1.61% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | PAYX | TNET |
|---|---|---|
| 2022 | -13.2% | -28.8% |
| 2023 | +6.2% | +75.4% |
| 2024 | +21.3% | -23.1% |
| 2025 | -17.5% | -33.9% |
| 2026 | +16.6% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAYX and TNET good diversifiers for each other?
To a limited degree. At 0.56 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 PAYX and TNET?
The PAYX/TNET correlation stands at 0.56 on a 3-year window (1 year: 0.66, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is TNET a good diversifier for PAYX?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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/payx-vs-tnet.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/payx-vs-tnet/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAYX correlations · TNET correlations
