RDNT vs WAY: Correlation
Measured on weekly returns over the past three years, RadNet, Inc. (RDNT) and Waystar Holding Corp. (WAY) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RDNT and WAY?
Over the past 3 years, RDNT and WAY moved with a correlation of 0.49, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.49 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 956.5 %².
Among the 12 assets we track against RDNT, WAY ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RDNT ahead by 37.8 points (+5.7% versus -32.1%).
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.
RDNT vs WAY: side by side
| RDNT (RadNet, Inc.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +5.7% | -32.1% |
| 5-year return | +146.0% | n/a |
| Volatility (ann.) | 42.6% | 43.8% |
| Beta vs S&P 500 | 1.29 | 1.07 |
| Max drawdown (3Y) | -46.8% | -61.8% |
| Market cap | $5.9B | $4.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RDNT | WAY |
|---|---|---|
| 2022 | -37.5% | – |
| 2023 | +84.7% | – |
| 2024 | +100.9% | – |
| 2025 | +2.2% | -10.8% |
| 2026 | +5.6% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RDNT and WAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RDNT and WAY?
The RDNT/WAY correlation stands at 0.49 on a 3-year window (1 year: 0.66, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for RDNT?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/rdnt-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rdnt-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RDNT correlations · WAY correlations
