TNC vs XPOF: Correlation
How closely do Tennant Company (TNC) and Xponential Fitness, Inc. (XPOF) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNC and XPOF?
On 3 years of weekly data the TNC/XPOF correlation comes out at 0.48, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.69 versus 0.48 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 1351.0 %².
By 3-year correlation, XPOF places #8 of the 16 assets tracked against TNC. Their recent paths diverged sharply: over the last 12 months TNC outperformed by 21.9 percentage points (-15.0% for TNC against -36.9% for XPOF). One caveat on sizing: XPOF is 2.8 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.
TNC vs XPOF: side by side
| TNC (Tennant Company) | XPOF (Xponential Fitness, Inc.) | |
|---|---|---|
| 1-year return | -15.0% | -36.9% |
| 5-year return | +1.8% | -52.9% |
| Volatility (ann.) | 31.5% | 88.8% |
| Beta vs S&P 500 | 0.90 | 1.31 |
| Max drawdown (3Y) | -49.0% | -81.1% |
| Market cap | $1.2B | $0.3B |
| P/E (trailing) | 67.3 | – |
| Dividend yield | 1.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNC | XPOF |
|---|---|---|
| 2022 | -22.8% | +12.2% |
| 2023 | +52.6% | -43.8% |
| 2024 | -11.0% | +4.3% |
| 2025 | -8.2% | -38.8% |
| 2026 | -4.2% | -34.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNC and XPOF good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TNC and XPOF?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.69 over the last year and 0.44 over 5 years.
Is XPOF a good diversifier for TNC?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/tnc-vs-xpof.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnc-vs-xpof/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TNC correlations · XPOF correlations
