TH vs TPL: Correlation
How closely do Target Hospitality Corp. (TH) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TH and TPL?
Over the past 3 years, TH and TPL moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.19). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -592.9 %².
Out of 12 assets tracked against TH, TPL lands near the bottom at #8. The last year tells two different stories: TH led by 90.7 percentage points, +113.5% for TH against +22.8% for TPL.
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.
TH vs TPL: side by side
| TH (Target Hospitality Corp.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +113.5% | +22.8% |
| 5-year return | +383.7% | +149.6% |
| Volatility (ann.) | 63.3% | 50.0% |
| Beta vs S&P 500 | 0.47 | 0.62 |
| Max drawdown (3Y) | -69.1% | -52.2% |
| Market cap | $1.9B | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | TH | TPL |
|---|---|---|
| 2022 | +325.3% | +91.3% |
| 2023 | -35.7% | -32.4% |
| 2024 | -0.7% | +115.3% |
| 2025 | -17.1% | -21.6% |
| 2026 | +136.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TH and TPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between TH and TPL?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.40 over the last year and -0.04 over 5 years.
Is TPL a good diversifier for TH?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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/th-vs-tpl.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TH correlations · TPL correlations
