BTBT vs HUT: Correlation
Bit Digital, Inc. (BTBT) and Hut 8 Corp. (HUT) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTBT and HUT?
Across a 3-year window, the weekly returns of BTBT and HUT correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 5246.2 %².
Among the 24 assets we track against BTBT, HUT ranks #5 by 3-year correlation. The last year tells two different stories: HUT led by 272.7 percentage points, -42.0% for BTBT 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.
BTBT vs HUT: side by side
| BTBT (Bit Digital, Inc.) | HUT (Hut 8 Corp.) | |
|---|---|---|
| 1-year return | -42.0% | +230.7% |
| 5-year return | -87.6% | +110.5% |
| Volatility (ann.) | 85.4% | 94.2% |
| Beta vs S&P 500 | 2.24 | 2.26 |
| Max drawdown (3Y) | -78.1% | -65.1% |
| Market cap | $0.6B | $10.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTBT | HUT |
|---|---|---|
| 2022 | -90.1% | -89.2% |
| 2023 | +605.0% | +213.9% |
| 2024 | -30.7% | +53.6% |
| 2025 | -35.5% | +124.2% |
| 2026 | -15.9% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTBT and HUT good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTBT and HUT?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.59 over the last year and 0.72 over 5 years.
Is HUT a good diversifier for BTBT?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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/btbt-vs-hut.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btbt-vs-hut/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTBT correlations · HUT correlations
