AD vs SHEN: Correlation
How closely do Array Digital Infrastructure, Inc. (AD) and Shenandoah Telecommunications Co (SHEN) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AD and SHEN?
On 3 years of weekly data the AD/SHEN correlation comes out at 0.40, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.40). The 5-year figure is 0.38, and annualized covariance runs at 702.8 %².
Within AD's tracked universe of 13 assets, SHEN comes in at #6 by 3-year correlation. Over the last 12 months AD came out ahead by 8.2 percentage points (-0.3% against -8.5%).
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.
AD vs SHEN: side by side
| AD (Array Digital Infrastructure, Inc.) | SHEN (Shenandoah Telecommunications Co) | |
|---|---|---|
| 1-year return | -0.3% | -8.5% |
| 5-year return | +142.7% | -57.4% |
| Volatility (ann.) | 42.1% | 41.9% |
| Beta vs S&P 500 | 0.68 | 0.25 |
| Max drawdown (3Y) | -32.0% | -59.2% |
| Market cap | $3.1B | $0.7B |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 30.85% | 0.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AD | SHEN |
|---|---|---|
| 2022 | -33.9% | -37.5% |
| 2023 | +99.2% | +36.6% |
| 2024 | +51.0% | -41.3% |
| 2025 | +22.6% | -7.4% |
| 2026 | +1.0% | +5.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AD and SHEN good diversifiers for each other?
Reasonably. At 0.40, AD and SHEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AD and SHEN?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.27 over the last year and 0.38 over 5 years.
Is SHEN a good diversifier for AD?
Reasonably. At 0.40, AD and SHEN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/ad-vs-shen.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ad-vs-shen/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AD correlations · SHEN correlations
