AREN vs ZTEK: Correlation
Measured on weekly returns over the past three years, The Arena Group Holdings, Inc. (AREN) and Zentek Ltd. (ZTEK) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and ZTEK?
Over the past 3 years, AREN and ZTEK moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 4919.7 %².
Among the 22 assets we track against AREN, ZTEK ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZTEK ahead by 67.2 points (-84.8% versus -17.6%). One caveat on sizing: AREN is 2.0 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.
AREN vs ZTEK: side by side
| AREN (The Arena Group Holdings, Inc.) | ZTEK (Zentek Ltd.) | |
|---|---|---|
| 1-year return | -84.8% | -17.6% |
| 5-year return | -93.0% | -78.0% |
| Volatility (ann.) | 157.6% | 80.4% |
| Beta vs S&P 500 | 0.49 | 0.63 |
| Max drawdown (3Y) | -91.7% | -79.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREN | ZTEK |
|---|---|---|
| 2022 | -24.6% | -60.1% |
| 2023 | -77.6% | -30.3% |
| 2024 | -43.7% | -13.0% |
| 2025 | +198.5% | -31.9% |
| 2026 | -76.5% | -12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and ZTEK good diversifiers for each other?
Reasonably. At 0.39, AREN and ZTEK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AREN and ZTEK?
The AREN/ZTEK correlation stands at 0.39 on a 3-year window (1 year: 0.33, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is ZTEK a good diversifier for AREN?
Reasonably. At 0.39, AREN and ZTEK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/aren-vs-ztek.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aren-vs-ztek/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AREN correlations · ZTEK correlations
