RAND vs TLF: Correlation
Rand Capital Corporation - Closed End Fund (RAND) and Tandy Leather Factory, Inc. (TLF) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RAND and TLF?
Across a 3-year window, the weekly returns of RAND and TLF correlate at 0.27, weak. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.27 over 3 years. Stretching to 5 years gives 0.15, with an annualized covariance of 279.7 %².
By 3-year correlation, TLF places #5 of the 12 assets tracked against RAND. The last year tells two different stories: TLF led by 33.7 percentage points, -21.7% for RAND against +12.0% for TLF.
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.
RAND vs TLF: side by side
| RAND (Rand Capital Corporation - Closed End Fund) | TLF (Tandy Leather Factory, Inc.) | |
|---|---|---|
| 1-year return | -21.7% | +12.0% |
| 5-year return | +9.9% | +11.5% |
| Volatility (ann.) | 38.7% | 26.5% |
| Beta vs S&P 500 | -0.01 | 0.23 |
| Max drawdown (3Y) | -60.1% | -34.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 10.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RAND | TLF |
|---|---|---|
| 2022 | -17.0% | -17.5% |
| 2023 | +7.5% | +0.2% |
| 2024 | +91.4% | +12.4% |
| 2025 | -34.8% | -20.9% |
| 2026 | +2.3% | +28.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAND and TLF good diversifiers for each other?
Reasonably. At 0.27, RAND and TLF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RAND and TLF?
The RAND/TLF correlation stands at 0.27 on a 3-year window (1 year: -0.03, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is TLF a good diversifier for RAND?
Reasonably. At 0.27, RAND and TLF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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/rand-vs-tlf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rand-vs-tlf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RAND correlations · TLF correlations
