SHEN vs TDS: Correlation
How closely do Shenandoah Telecommunications Co (SHEN) and Telephone and Data Systems, Inc. (TDS) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHEN and TDS?
On 3 years of weekly data the SHEN/TDS correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.41 over 3 years. The 5-year figure is 0.40, and annualized covariance runs at 799.8 %².
In SHEN's tracked universe of 10 assets, TDS sits right near the top at #3. The trailing year gives SHEN the advantage: -8.5% versus -17.0%, a 8.5-point spread.
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.
SHEN vs TDS: side by side
| SHEN (Shenandoah Telecommunications Co) | TDS (Telephone and Data Systems, Inc.) | |
|---|---|---|
| 1-year return | -8.5% | -17.0% |
| 5-year return | -57.4% | +91.9% |
| Volatility (ann.) | 41.9% | 46.7% |
| Beta vs S&P 500 | 0.25 | 0.86 |
| Max drawdown (3Y) | -59.2% | -33.4% |
| Market cap | $0.7B | $3.8B |
| P/E (trailing) | – | 8.3 |
| Dividend yield | 0.89% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHEN | TDS |
|---|---|---|
| 2022 | -37.5% | -45.3% |
| 2023 | +36.6% | +86.3% |
| 2024 | -41.3% | +89.0% |
| 2025 | -7.4% | +20.7% |
| 2026 | +5.2% | -19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHEN and TDS good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SHEN and TDS?
As of 2026-08-27, the correlation of weekly returns between SHEN and TDS is 0.41 over 3 years, 0.27 over 1 year and 0.40 over 5 years.
Is TDS a good diversifier for SHEN?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/shen-vs-tds.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/shen-vs-tds/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SHEN correlations · TDS correlations
