ADTN vs HGBL: Correlation
How closely do ADTRAN Holdings, Inc. (ADTN) and Heritage Global Inc. (HGBL) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADTN and HGBL?
Across a 3-year window, the weekly returns of ADTN and HGBL correlate at 0.36, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.36 over 3. Stretching to 5 years gives 0.25, with an annualized covariance of 707.5 %².
Out of 12 assets tracked against ADTN, HGBL lands near the bottom at #8. The last year tells two different stories: ADTN led by 17.1 percentage points, -16.6% for ADTN against -33.7% for HGBL. Risk is not evenly split, since ADTN carries 1.6 times the volatility of the other side.
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.
ADTN vs HGBL: side by side
| ADTN (ADTRAN Holdings, Inc.) | HGBL (Heritage Global Inc.) | |
|---|---|---|
| 1-year return | -16.6% | -33.7% |
| 5-year return | -60.1% | -41.3% |
| Volatility (ann.) | 56.4% | 34.6% |
| Beta vs S&P 500 | 1.55 | 0.08 |
| Max drawdown (3Y) | -61.3% | -70.7% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADTN | HGBL |
|---|---|---|
| 2022 | -16.3% | +25.7% |
| 2023 | -59.9% | +18.3% |
| 2024 | +13.5% | -33.5% |
| 2025 | +4.3% | -33.0% |
| 2026 | -10.4% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADTN and HGBL good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ADTN and HGBL?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.39 over the last year and 0.25 over 5 years.
Is HGBL a good diversifier for ADTN?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ADTN correlations · HGBL correlations
