AIRT vs AREN: Correlation
Measured on weekly returns over the past three years, Air T, Inc. (AIRT) and The Arena Group Holdings, Inc. (AREN) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRT and AREN?
Across a 3-year window, the weekly returns of AIRT and AREN correlate at 0.25, weak. Recent behaviour matches the longer record: 0.26 over 1 year against 0.25 over 3. Stretching to 5 years gives 0.16, with an annualized covariance of 2026.8 %².
Among the 12 assets we track against AIRT, AREN ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AIRT outperformed by 126.0 percentage points (+41.2% for AIRT against -84.8% for AREN). One caveat on sizing: AREN is 3.1 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.
AIRT vs AREN: side by side
| AIRT (Air T, Inc.) | AREN (The Arena Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +41.2% | -84.8% |
| 5-year return | -4.1% | -93.0% |
| Volatility (ann.) | 51.1% | 157.6% |
| Beta vs S&P 500 | 0.05 | 0.49 |
| Max drawdown (3Y) | -49.3% | -91.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.3 | 4.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRT | AREN |
|---|---|---|
| 2022 | -1.7% | -24.6% |
| 2023 | -31.6% | -77.6% |
| 2024 | +18.0% | -43.7% |
| 2025 | -4.3% | +198.5% |
| 2026 | +70.8% | -76.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRT and AREN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIRT and AREN?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.26 over the last year and 0.16 over 5 years.
Is AREN a good diversifier for AIRT?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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/airt-vs-aren.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airt-vs-aren/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIRT correlations · AREN correlations
