TELA vs XRX: Correlation
Measured on weekly returns over the past three years, TELA Bio, Inc. (TELA) and Xerox Holdings Corporation (XRX) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TELA and XRX?
Over the past 3 years, TELA and XRX moved with a correlation of 0.36, which is moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.36). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 2125.9 %².
Few assets follow TELA as closely as XRX, which ranks #3 of 10 tracked partners. The last year tells two different stories: XRX led by 43.1 percentage points, -63.1% for TELA against -20.0% for XRX.
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.
TELA vs XRX: side by side
| TELA (TELA Bio, Inc.) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | -63.1% | -20.0% |
| 5-year return | -95.2% | -81.9% |
| Volatility (ann.) | 75.9% | 77.4% |
| Beta vs S&P 500 | 0.88 | 2.12 |
| Max drawdown (3Y) | -94.2% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TELA | XRX |
|---|---|---|
| 2022 | -10.2% | -31.3% |
| 2023 | -42.4% | +33.8% |
| 2024 | -54.4% | -49.8% |
| 2025 | -60.9% | -70.6% |
| 2026 | -44.9% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TELA and XRX good diversifiers for each other?
Reasonably. At 0.36, TELA and XRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between TELA and XRX?
The TELA/XRX correlation stands at 0.36 on a 3-year window (1 year: 0.58, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is XRX a good diversifier for TELA?
Reasonably. At 0.36, TELA and XRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: TELA correlations · XRX correlations
