BTMD vs HGBL: Correlation
How closely do Biote Corp. (BTMD) and Heritage Global Inc. (HGBL) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTMD and HGBL?
Across a 3-year window, the weekly returns of BTMD and HGBL correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 736.6 %².
Within BTMD's tracked universe of 11 assets, HGBL comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HGBL ahead by 17.8 points (-51.5% versus -33.7%). Note the risk asymmetry: BTMD runs 2.0 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.
BTMD vs HGBL: side by side
| BTMD (Biote Corp.) | HGBL (Heritage Global Inc.) | |
|---|---|---|
| 1-year return | -51.5% | -33.7% |
| 5-year return | -83.1% | -41.3% |
| Volatility (ann.) | 67.5% | 34.6% |
| Beta vs S&P 500 | 1.16 | 0.08 |
| Max drawdown (3Y) | -84.4% | -70.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTMD | HGBL |
|---|---|---|
| 2022 | -61.9% | +25.7% |
| 2023 | +32.4% | +18.3% |
| 2024 | +25.1% | -33.5% |
| 2025 | -57.9% | -33.0% |
| 2026 | -37.3% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTMD and HGBL good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTMD and HGBL?
As of 2026-08-27, the correlation of weekly returns between BTMD and HGBL is 0.32 over 3 years, 0.36 over 1 year and 0.15 over 5 years.
Is HGBL a good diversifier for BTMD?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BTMD correlations · HGBL correlations
