TYL vs WAY: Correlation
How closely do Tyler Technologies (TYL) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TYL and WAY?
On 3 years of weekly data the TYL/WAY correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 682.2 %².
By 3-year correlation, WAY places #11 of the 33 assets tracked against TYL. Twelve-month performance is nearly a tie, at -34.0% for TYL and -32.1% for WAY.
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.
TYL vs WAY: side by side
| TYL (Tyler Technologies) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | -34.0% | -32.1% |
| 5-year return | -22.5% | n/a |
| Volatility (ann.) | 29.6% | 43.8% |
| Beta vs S&P 500 | 0.61 | 1.07 |
| Max drawdown (3Y) | -57.4% | -61.8% |
| Market cap | $15.1B | $4.8B |
| P/E (trailing) | 46.3 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | TYL | WAY |
|---|---|---|
| 2022 | -40.1% | – |
| 2023 | +29.7% | – |
| 2024 | +37.9% | – |
| 2025 | -21.3% | -10.8% |
| 2026 | -18.5% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TYL and WAY good diversifiers for each other?
Only partially. A correlation of 0.52 means TYL and WAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between TYL and WAY?
The TYL/WAY correlation stands at 0.52 on a 3-year window (1 year: 0.58, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for TYL?
Only partially. A correlation of 0.52 means TYL and WAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/tyl-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/tyl-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TYL correlations · WAY correlations
