AQMS vs SLNH: Correlation
Aqua Metals, Inc. (AQMS) and Soluna Holdings, Inc. (SLNH) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQMS and SLNH?
Over the past 3 years, AQMS and SLNH moved with a correlation of 0.43, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.68 versus 0.43 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 10189.2 %².
Among the 15 assets we track against AQMS, SLNH ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLNH ahead by 173.8 points (-25.9% versus +147.9%).
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.
AQMS vs SLNH: side by side
| AQMS (Aqua Metals, Inc.) | SLNH (Soluna Holdings, Inc.) | |
|---|---|---|
| 1-year return | -25.9% | +147.9% |
| 5-year return | -99.4% | -99.5% |
| Volatility (ann.) | 132.6% | 179.3% |
| Beta vs S&P 500 | 1.86 | 3.25 |
| Max drawdown (3Y) | -98.9% | -94.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQMS | SLNH |
|---|---|---|
| 2022 | +1.6% | -97.6% |
| 2023 | -39.2% | -38.5% |
| 2024 | -83.4% | -47.5% |
| 2025 | -81.0% | -44.3% |
| 2026 | -41.5% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQMS and SLNH good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AQMS and SLNH?
As of 2026-08-27, the correlation of weekly returns between AQMS and SLNH is 0.43 over 3 years, 0.68 over 1 year and 0.35 over 5 years.
Is SLNH a good diversifier for AQMS?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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: AQMS correlations · SLNH correlations
