WRBY vs WVE: Correlation
Warby Parker Inc. (WRBY) and Wave Life Sciences, Inc. (WVE) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WRBY and WVE?
Over the past 3 years, WRBY and WVE moved with a correlation of 0.45, which is moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.45 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 3177.2 %².
Within WRBY's tracked universe of 13 assets, WVE comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WRBY ahead by 44.1 points (-4.7% versus -48.8%). One caveat on sizing: WVE is 1.8 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.
WRBY vs WVE: side by side
| WRBY (Warby Parker Inc.) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | -4.7% | -48.8% |
| 5-year return | -53.6% | -15.0% |
| Volatility (ann.) | 62.2% | 113.5% |
| Beta vs S&P 500 | 1.49 | 1.84 |
| Max drawdown (3Y) | -50.7% | -76.3% |
| Market cap | $3.1B | $1.0B |
| P/E (trailing) | 421.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | WRBY | WVE |
|---|---|---|
| 2022 | -71.0% | +122.9% |
| 2023 | +4.5% | -27.9% |
| 2024 | +71.7% | +145.0% |
| 2025 | -10.0% | +37.4% |
| 2026 | +16.0% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WRBY and WVE good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between WRBY and WVE?
The WRBY/WVE correlation stands at 0.45 on a 3-year window (1 year: 0.54, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is WVE a good diversifier for WRBY?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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/wrby-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/wrby-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: WRBY correlations · WVE correlations
