TRP vs WAY: Correlation
Measured on weekly returns over the past three years, TC Energy Corporation (TRP) and Waystar Holding Corp. (WAY) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRP and WAY?
Across a 3-year window, the weekly returns of TRP and WAY correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.24). Stretching to 5 years gives n/a, with an annualized covariance of -210.3 %².
WAY is close to the least connected end of TRP's tracked universe, ranking #11 of 11. The last year tells two different stories: TRP led by 55.4 percentage points, +23.3% for TRP against -32.1% for WAY. Note the risk asymmetry: WAY runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
TRP vs WAY: side by side
| TRP (TC Energy Corporation) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +23.3% | -32.1% |
| 5-year return | +67.2% | n/a |
| Volatility (ann.) | 20.0% | 43.8% |
| Beta vs S&P 500 | 0.16 | 1.07 |
| Max drawdown (3Y) | -12.8% | -61.8% |
| Market cap | – | $4.8B |
| P/E (trailing) | 24.5 | 34.6 |
| Dividend yield | 5.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TRP | WAY |
|---|---|---|
| 2022 | -9.7% | – |
| 2023 | +4.7% | – |
| 2024 | +26.2% | – |
| 2025 | +21.2% | -10.8% |
| 2026 | +15.0% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRP and WAY good diversifiers for each other?
Yes. With a correlation of -0.24, TRP and WAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TRP and WAY?
As of 2026-08-27, the correlation of weekly returns between TRP and WAY is -0.24 over 3 years, -0.49 over 1 year and n/a over 5 years.
Is WAY a good diversifier for TRP?
Yes. With a correlation of -0.24, TRP and WAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/trp-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/trp-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TRP correlations · WAY correlations
