TMDX vs WING: Correlation
TransMedics Group, Inc. (TMDX) and Wingstop Inc. (WING) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMDX and WING?
On 3 years of weekly data the TMDX/WING correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.38 over 3. The 5-year figure is 0.32, and annualized covariance runs at 1451.8 %².
Within TMDX's tracked universe of 10 assets, WING comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TMDX ahead by 45.5 points (-21.8% versus -67.3%).
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.
TMDX vs WING: side by side
| TMDX (TransMedics Group, Inc.) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | -21.8% | -67.3% |
| 5-year return | +196.3% | -31.4% |
| Volatility (ann.) | 69.5% | 55.1% |
| Beta vs S&P 500 | 1.37 | 1.29 |
| Max drawdown (3Y) | -67.8% | -74.0% |
| Market cap | $3.2B | $3.0B |
| P/E (trailing) | 23.9 | 26.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TMDX | WING |
|---|---|---|
| 2022 | +222.1% | -17.1% |
| 2023 | +27.9% | +87.3% |
| 2024 | -21.0% | +11.1% |
| 2025 | +95.1% | -15.7% |
| 2026 | -24.6% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMDX and WING good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between TMDX and WING?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.44 over the last year and 0.32 over 5 years.
Is WING a good diversifier for TMDX?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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/tmdx-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmdx-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TMDX correlations · WING correlations
