TNC vs WD: Correlation
Tennant Company (TNC) and Walker & Dunlop, Inc (WD) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNC and WD?
Across a 3-year window, the weekly returns of TNC and WD correlate at 0.68, strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.68 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 823.0 %².
Few assets follow TNC as closely as WD, which ranks #1 of 16 tracked partners. Correlation aside, the last 12 months split them widely, with TNC ahead by 36.0 points (-15.0% versus -51.0%).
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.
TNC vs WD: side by side
| TNC (Tennant Company) | WD (Walker & Dunlop, Inc) | |
|---|---|---|
| 1-year return | -15.0% | -51.0% |
| 5-year return | +1.8% | -53.5% |
| Volatility (ann.) | 31.5% | 38.5% |
| Beta vs S&P 500 | 0.90 | 1.12 |
| Max drawdown (3Y) | -49.0% | -63.4% |
| Market cap | $1.2B | $1.4B |
| P/E (trailing) | 67.3 | 36.0 |
| Dividend yield | 1.74% | 6.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNC | WD |
|---|---|---|
| 2022 | -22.8% | -46.8% |
| 2023 | +52.6% | +46.0% |
| 2024 | -11.0% | -10.1% |
| 2025 | -8.2% | -35.9% |
| 2026 | -4.2% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNC and WD good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TNC and WD?
The TNC/WD correlation stands at 0.68 on a 3-year window (1 year: 0.79, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is WD a good diversifier for TNC?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 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/tnc-vs-wd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnc-vs-wd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TNC correlations · WD correlations
