TNC vs XWEL: Correlation
How closely do Tennant Company (TNC) and XWELL, Inc. (XWEL) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNC and XWEL?
Over the past 3 years, TNC and XWEL moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.62) runs below the 3-year figure (-0.38). Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -2282.5 %².
XWEL is close to the least connected end of TNC's tracked universe, ranking #14 of 16. On 12-month performance XWEL holds a 7.5-point edge, -15.0% against -7.5%. Risk is not evenly split, since XWEL carries 6.0 times the volatility of the other side.
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 XWEL: side by side
| TNC (Tennant Company) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | -15.0% | -7.5% |
| 5-year return | +1.8% | -97.2% |
| Volatility (ann.) | 31.5% | 188.4% |
| Beta vs S&P 500 | 0.90 | 0.41 |
| Max drawdown (3Y) | -49.0% | -92.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 67.3 | – |
| Dividend yield | 1.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TNC | XWEL |
|---|---|---|
| 2022 | -22.8% | -82.2% |
| 2023 | +52.6% | -75.8% |
| 2024 | -11.0% | -13.2% |
| 2025 | -8.2% | -69.5% |
| 2026 | -4.2% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNC and XWEL good diversifiers for each other?
Yes. With a correlation of -0.38, TNC and XWEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TNC and XWEL?
The TNC/XWEL correlation stands at -0.38 on a 3-year window (1 year: -0.62, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is XWEL a good diversifier for TNC?
Yes. With a correlation of -0.38, TNC and XWEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnc-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TNC correlations · XWEL correlations
