AGMH vs HESM: Correlation
How closely do AGM Group Holdings Inc. - Class A (AGMH) and Hess Midstream LP Class A Representing Limited Partner (HESM) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGMH and HESM?
Over the past 3 years, AGMH and HESM moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -1345.7 %².
HESM is close to the least connected end of AGMH's tracked universe, ranking #17 of 19. The last year tells two different stories: HESM led by 57.6 percentage points, -53.0% for AGMH against +4.6% for HESM. One caveat on sizing: AGMH is 10.8 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.
AGMH vs HESM: side by side
| AGMH (AGM Group Holdings Inc. - Class A) | HESM (Hess Midstream LP Class A Representing Limited Partner) | |
|---|---|---|
| 1-year return | -53.0% | +4.6% |
| 5-year return | -99.8% | +131.3% |
| Volatility (ann.) | 233.6% | 21.7% |
| Beta vs S&P 500 | 2.39 | 0.36 |
| Max drawdown (3Y) | -99.3% | -25.8% |
| Market cap | – | $8.2B |
| P/E (trailing) | 2.9 | 13.8 |
| Dividend yield | 0.00% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGMH | HESM |
|---|---|---|
| 2022 | -31.2% | +16.6% |
| 2023 | +9.7% | +14.4% |
| 2024 | -16.6% | +26.4% |
| 2025 | -97.4% | +0.6% |
| 2026 | -51.6% | +22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGMH and HESM good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGMH and HESM?
As of 2026-08-27, the correlation of weekly returns between AGMH and HESM is -0.27 over 3 years, -0.48 over 1 year and -0.14 over 5 years.
Is HESM a good diversifier for AGMH?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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
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Related comparisons
Hubs: AGMH correlations · HESM correlations
