PBA vs WAY: Correlation
Pembina Pipeline Corp. (PBA) and Waystar Holding Corp. (WAY) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBA and WAY?
On 3 years of weekly data the PBA/WAY correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.24). The 5-year figure is n/a, and annualized covariance runs at -225.6 %².
WAY is close to the least connected end of PBA's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months PBA outperformed by 63.5 percentage points (+31.4% for PBA against -32.1% for WAY). One caveat on sizing: WAY is 2.2 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.
PBA vs WAY: side by side
| PBA (Pembina Pipeline Corp.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +31.4% | -32.1% |
| 5-year return | +98.2% | n/a |
| Volatility (ann.) | 20.0% | 43.8% |
| Beta vs S&P 500 | 0.08 | 1.07 |
| Max drawdown (3Y) | -17.9% | -61.8% |
| Market cap | $28.1B | $4.8B |
| P/E (trailing) | 23.7 | 34.6 |
| Dividend yield | 5.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PBA | WAY |
|---|---|---|
| 2022 | +18.3% | – |
| 2023 | +7.8% | – |
| 2024 | +13.2% | – |
| 2025 | +5.7% | -10.8% |
| 2026 | +30.0% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBA and WAY good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PBA and WAY?
As of 2026-08-27, the correlation of weekly returns between PBA and WAY is -0.24 over 3 years, -0.39 over 1 year and n/a over 5 years.
Is WAY a good diversifier for PBA?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pba-vs-way.json
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PBA correlations · WAY correlations
