BHV vs HNRG: Correlation
BlackRock Virginia Municipal Bond Trust (BHV) and Hallador Energy Company (HNRG) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHV and HNRG?
Across a 3-year window, the weekly returns of BHV and HNRG correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.22). Stretching to 5 years gives -0.11, with an annualized covariance of -203.7 %².
Among the 10 assets we track against BHV, HNRG sits near the bottom by co-movement, at rank #8. The last year tells two different stories: BHV led by 29.5 percentage points, +31.5% for BHV against +2.0% for HNRG. Note the risk asymmetry: HNRG runs 5.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BHV vs HNRG: side by side
| BHV (BlackRock Virginia Municipal Bond Trust) | HNRG (Hallador Energy Company) | |
|---|---|---|
| 1-year return | +31.5% | +2.0% |
| 5-year return | -16.7% | +629.4% |
| Volatility (ann.) | 12.5% | 72.5% |
| Beta vs S&P 500 | 0.20 | 1.09 |
| Max drawdown (3Y) | -11.5% | -71.1% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 831.5 |
| Dividend yield | 4.82% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHV | HNRG |
|---|---|---|
| 2022 | -36.1% | +306.1% |
| 2023 | -1.0% | -11.5% |
| 2024 | +6.0% | +29.5% |
| 2025 | +0.8% | +66.3% |
| 2026 | +24.4% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHV and HNRG good diversifiers for each other?
Yes. With a correlation of -0.22, BHV and HNRG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BHV and HNRG?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.09 over the last year and -0.11 over 5 years.
Is HNRG a good diversifier for BHV?
Yes. With a correlation of -0.22, BHV and HNRG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhv-vs-hnrg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhv-vs-hnrg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHV correlations · HNRG correlations
