RWAY vs SMRT: Correlation
Measured on weekly returns over the past three years, Runway Growth Finance Corp. (RWAY) and SmartRent, Inc. (SMRT) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RWAY and SMRT?
On 3 years of weekly data the RWAY/SMRT correlation comes out at 0.50, moderate. The link has tightened recently: the 1-year correlation (0.61) runs above the 3-year figure (0.50). The 5-year figure is 0.33, and annualized covariance runs at 972.7 %².
By 3-year correlation, SMRT places #6 of the 13 assets tracked against RWAY. The last year tells two different stories: SMRT led by 19.7 percentage points, -27.2% for RWAY against -7.5% for SMRT. One caveat on sizing: SMRT 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.
RWAY vs SMRT: side by side
| RWAY (Runway Growth Finance Corp.) | SMRT (SmartRent, Inc.) | |
|---|---|---|
| 1-year return | -27.2% | -7.5% |
| 5-year return | +2.3% | -89.1% |
| Volatility (ann.) | 29.4% | 66.0% |
| Beta vs S&P 500 | 0.69 | 1.68 |
| Max drawdown (3Y) | -45.3% | -79.4% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 20.21% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RWAY | SMRT |
|---|---|---|
| 2022 | -0.6% | -74.9% |
| 2023 | +25.7% | +31.3% |
| 2024 | +1.7% | -45.1% |
| 2025 | -6.6% | +15.4% |
| 2026 | -15.0% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RWAY and SMRT good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RWAY and SMRT?
As of 2026-08-27, the correlation of weekly returns between RWAY and SMRT is 0.50 over 3 years, 0.61 over 1 year and 0.33 over 5 years.
Is SMRT a good diversifier for RWAY?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 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/rway-vs-smrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rway-vs-smrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RWAY correlations · SMRT correlations
