RWAY vs TBI: Correlation
Measured on weekly returns over the past three years, Runway Growth Finance Corp. (RWAY) and TrueBlue, Inc. (TBI) 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 RWAY and TBI?
Across a 3-year window, the weekly returns of RWAY and TBI correlate at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 938.0 %².
Among the 13 assets we track against RWAY, TBI ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TBI outperformed by 102.8 percentage points (-27.2% for RWAY against +75.6% for TBI). Note the risk asymmetry: TBI runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TBI: side by side
| RWAY (Runway Growth Finance Corp.) | TBI (TrueBlue, Inc.) | |
|---|---|---|
| 1-year return | -27.2% | +75.6% |
| 5-year return | +2.3% | -60.9% |
| Volatility (ann.) | 29.4% | 65.3% |
| Beta vs S&P 500 | 0.69 | 1.45 |
| Max drawdown (3Y) | -45.3% | -79.2% |
| 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 | TBI |
|---|---|---|
| 2022 | -0.6% | -29.2% |
| 2023 | +25.7% | -21.7% |
| 2024 | +1.7% | -45.2% |
| 2025 | -6.6% | -45.8% |
| 2026 | -15.0% | +134.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RWAY and TBI good diversifiers for each other?
Reasonably. At 0.49, RWAY and TBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RWAY and TBI?
As of 2026-08-27, the correlation of weekly returns between RWAY and TBI is 0.49 over 3 years, 0.59 over 1 year and 0.39 over 5 years.
Is TBI a good diversifier for RWAY?
Reasonably. At 0.49, RWAY and TBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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-tbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rway-vs-tbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RWAY correlations · TBI correlations
