BATL vs HRZN: Correlation
Battalion Oil Corporation (BATL) and Horizon Technology Finance Corporation (HRZN) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and HRZN?
On 3 years of weekly data the BATL/HRZN correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.60) than the 3-year average (-0.39). The 5-year figure is -0.28, and annualized covariance runs at -3263.2 %².
Among the 44 assets we track against BATL, HRZN sits near the bottom by co-movement, at rank #44. The last year tells two different stories: BATL led by 27.3 percentage points, +12.7% for BATL against -14.6% for HRZN. One caveat on sizing: BATL is 7.7 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.
BATL vs HRZN: side by side
| BATL (Battalion Oil Corporation) | HRZN (Horizon Technology Finance Corporation) | |
|---|---|---|
| 1-year return | +12.7% | -14.6% |
| 5-year return | -87.1% | -44.7% |
| Volatility (ann.) | 252.0% | 32.9% |
| Beta vs S&P 500 | -0.19 | 0.55 |
| Max drawdown (3Y) | -95.8% | -59.4% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 0.00% | 23.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BATL | HRZN |
|---|---|---|
| 2022 | -0.9% | -19.7% |
| 2023 | -1.0% | +27.0% |
| 2024 | -82.1% | -22.9% |
| 2025 | -34.3% | -14.4% |
| 2026 | +17.7% | -14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and HRZN good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BATL and HRZN?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.60 over the last year and -0.28 over 5 years.
Is HRZN a good diversifier for BATL?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
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/batl-vs-hrzn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/batl-vs-hrzn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BATL correlations · HRZN correlations
