A back-up wrench device of a top drive assembly of a drilling rig comprises a gripper device operable to grip an end of a drill pipe, and at least one fluid actuator operable to compensate for thread travel during makeup or breakout operations. The back-up wrench device can comprise a first housing coupled to the gripper device and a second housing coupled to a support structure of the top drive assembly, and can comprise a primary hydraulic housing movably coupled to the first and second housings. The at least one fluid actuator can include upper and lower fluid actuators each movable through upper and lower fluid chambers of the primary hydraulic housing during respective makeup and breakout operations to compensate for thread travel. Associated systems and methods for thread compensation with the back-up wrench are provided.