PHR vs WAY: Correlation
Phreesia, Inc. (PHR) and Waystar Holding Corp. (WAY) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHR and WAY?
Across a 3-year window, the weekly returns of PHR and WAY correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 1219.7 %².
In PHR's tracked universe of 13 assets, WAY sits right near the top at #1. The last year tells two different stories: WAY led by 30.8 percentage points, -62.9% for PHR against -32.1% for WAY.
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.
PHR vs WAY: side by side
| PHR (Phreesia, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -62.9% | -32.1% |
| 5-year return | -83.5% | n/a |
| Volatility (ann.) | 57.6% | 43.8% |
| Beta vs S&P 500 | 1.57 | 1.07 |
| Max drawdown (3Y) | -75.2% | -61.8% |
| Market cap | $0.7B | $4.8B |
| P/E (trailing) | 74.1 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHR | WAY |
|---|---|---|
| 2022 | -22.3% | – |
| 2023 | -28.5% | – |
| 2024 | +8.7% | – |
| 2025 | -32.8% | -10.8% |
| 2026 | -29.9% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHR and WAY 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 PHR and WAY?
As of 2026-08-27, the correlation of weekly returns between PHR and WAY is 0.57 over 3 years, 0.57 over 1 year and n/a over 5 years.
Is WAY a good diversifier for PHR?
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/phr-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/phr-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PHR correlations · WAY correlations
