SNDL vs TLRY: Correlation
SNDL Inc. (SNDL) and Tilray Brands, Inc. (TLRY) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNDL and TLRY?
Across a 3-year window, the weekly returns of SNDL and TLRY correlate at 0.71, strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.71 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 3154.2 %².
Few assets follow SNDL as closely as TLRY, which ranks #1 of 18 tracked partners. Correlation aside, the last 12 months split them widely, with SNDL ahead by 20.0 points (-46.6% versus -66.6%). One caveat on sizing: TLRY is 1.7 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.
SNDL vs TLRY: side by side
| SNDL (SNDL Inc.) | TLRY (Tilray Brands, Inc.) | |
|---|---|---|
| 1-year return | -46.6% | -66.6% |
| 5-year return | -81.9% | -96.5% |
| Volatility (ann.) | 51.2% | 86.6% |
| Beta vs S&P 500 | 0.81 | 1.37 |
| Max drawdown (3Y) | -57.4% | -89.1% |
| Market cap | $0.3B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SNDL | TLRY |
|---|---|---|
| 2022 | -63.8% | -61.7% |
| 2023 | -21.5% | -14.5% |
| 2024 | +9.1% | -42.2% |
| 2025 | -7.3% | -32.1% |
| 2026 | -18.7% | -49.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNDL and TLRY good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SNDL and TLRY?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.77 over the last year and 0.72 over 5 years.
Is TLRY a good diversifier for SNDL?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/sndl-vs-tlry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sndl-vs-tlry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SNDL correlations · TLRY correlations
