APLD vs HUT: Correlation
How closely do Applied Digital Corporation (APLD) and Hut 8 Corp. (HUT) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLD and HUT?
On 3 years of weekly data the APLD/HUT correlation comes out at 0.52, moderate. The link has tightened recently: the 1-year correlation (0.66) runs above the 3-year figure (0.52). The 5-year figure is 0.39, and annualized covariance runs at 5740.6 %².
In APLD's tracked universe of 15 assets, HUT sits right near the top at #1. The last year tells two different stories: HUT led by 166.4 percentage points, +64.3% for APLD against +230.7% for HUT.
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.
APLD vs HUT: side by side
| APLD (Applied Digital Corporation) | HUT (Hut 8 Corp.) | |
|---|---|---|
| 1-year return | +64.3% | +230.7% |
| 5-year return | +465.8% | +110.5% |
| Volatility (ann.) | 117.7% | 94.2% |
| Beta vs S&P 500 | 2.73 | 2.26 |
| Max drawdown (3Y) | -71.9% | -65.1% |
| Market cap | $7.8B | $10.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLD | HUT |
|---|---|---|
| 2022 | – | -89.2% |
| 2023 | +266.3% | +213.9% |
| 2024 | +13.4% | +53.6% |
| 2025 | +220.9% | +124.2% |
| 2026 | +11.9% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLD and HUT good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APLD and HUT?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.66 over the last year and 0.39 over 5 years.
Is HUT a good diversifier for APLD?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apld-vs-hut.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apld-vs-hut/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APLD correlations · HUT correlations
