REFR vs TPC: Correlation
Measured on weekly returns over the past three years, Research Frontiers Incorporated (REFR) and Tutor Perini Corporation (TPC) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REFR and TPC?
On 3 years of weekly data the REFR/TPC correlation comes out at 0.33, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.33). The 5-year figure is 0.23, and annualized covariance runs at 1401.9 %².
In REFR's tracked universe of 11 assets, TPC sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months TPC outperformed by 122.3 percentage points (-65.4% for REFR against +56.9% for TPC).
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.
REFR vs TPC: side by side
| REFR (Research Frontiers Incorporated) | TPC (Tutor Perini Corporation) | |
|---|---|---|
| 1-year return | -65.4% | +56.9% |
| 5-year return | -78.3% | +541.7% |
| Volatility (ann.) | 68.5% | 62.0% |
| Beta vs S&P 500 | 0.52 | 1.63 |
| Max drawdown (3Y) | -83.5% | -40.9% |
| Market cap | – | $4.8B |
| P/E (trailing) | – | 39.6 |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | REFR | TPC |
|---|---|---|
| 2022 | +11.0% | -39.0% |
| 2023 | -47.1% | +20.5% |
| 2024 | +69.3% | +165.9% |
| 2025 | -23.4% | +177.2% |
| 2026 | -63.0% | +37.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REFR and TPC good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between REFR and TPC?
The REFR/TPC correlation stands at 0.33 on a 3-year window (1 year: 0.19, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is TPC a good diversifier for REFR?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/refr-vs-tpc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/refr-vs-tpc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: REFR correlations · TPC correlations
