SANG vs WAY: Correlation
Measured on weekly returns over the past three years, Sangoma Technologies Corporation (SANG) and Waystar Holding Corp. (WAY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SANG and WAY?
Across a 3-year window, the weekly returns of SANG and WAY correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 550.1 %².
Within SANG's tracked universe of 10 assets, WAY comes in at #4 by 3-year correlation. Neither side won the trailing year by much: -35.9% against -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.
SANG vs WAY: side by side
| SANG (Sangoma Technologies Corporation) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -35.9% | -32.1% |
| 5-year return | -78.8% | n/a |
| Volatility (ann.) | 42.3% | 43.8% |
| Beta vs S&P 500 | 0.77 | 1.07 |
| Max drawdown (3Y) | -55.6% | -61.8% |
| Market cap | $0.1B | $4.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SANG | WAY |
|---|---|---|
| 2022 | -71.2% | – |
| 2023 | -34.0% | – |
| 2024 | +123.1% | – |
| 2025 | -29.0% | -10.8% |
| 2026 | -25.2% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SANG and WAY good diversifiers for each other?
Reasonably. At 0.35, SANG and WAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SANG and WAY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.34 over the last year and n/a over 5 years.
Is WAY a good diversifier for SANG?
Reasonably. At 0.35, SANG and WAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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/sang-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sang-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SANG correlations · WAY correlations
