ADV vs EQS: Correlation
Advantage Solutions Inc. (ADV) and Equus Total Return, Inc. (EQS) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADV and EQS?
Over the past 3 years, ADV and EQS moved with a correlation of 0.26, which is weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 1025.2 %².
By 3-year correlation, EQS places #6 of the 11 assets tracked against ADV. Their recent paths diverged sharply: over the last 12 months ADV outperformed by 22.2 percentage points (-27.3% for ADV against -49.5% for EQS). One caveat on sizing: ADV is 1.7 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.
ADV vs EQS: side by side
| ADV (Advantage Solutions Inc.) | EQS (Equus Total Return, Inc.) | |
|---|---|---|
| 1-year return | -27.3% | -49.5% |
| 5-year return | -84.9% | -58.6% |
| Volatility (ann.) | 82.5% | 47.4% |
| Beta vs S&P 500 | 1.06 | -0.16 |
| Max drawdown (3Y) | -89.3% | -58.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADV | EQS |
|---|---|---|
| 2022 | -74.1% | -39.9% |
| 2023 | +74.0% | +1.4% |
| 2024 | -19.3% | -24.1% |
| 2025 | -69.9% | +28.2% |
| 2026 | +52.0% | -27.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADV and EQS good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ADV and EQS?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.23 over the last year and 0.24 over 5 years.
Is EQS a good diversifier for ADV?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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.
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Related comparisons
Hubs: ADV correlations · EQS correlations
