CARR vs HAO: Correlation
Carrier Global (CARR) and Haoxi Health Technology Limited - Class A Ord Share (HAO) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and HAO?
Over the past 3 years, CARR and HAO moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -14203.1 %².
Within CARR's tracked universe of 29 assets, HAO comes in at #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CARR outperformed by 86.3 percentage points (-11.6% for CARR against -97.9% for HAO). One caveat on sizing: HAO is 69.8 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.
CARR vs HAO: side by side
| CARR (Carrier Global) | HAO (Haoxi Health Technology Limited - Class A Ord Share) | |
|---|---|---|
| 1-year return | -11.6% | -97.9% |
| 5-year return | +8.8% | n/a |
| Volatility (ann.) | 32.6% | 2273.9% |
| Beta vs S&P 500 | 1.21 | -2.44 |
| Max drawdown (3Y) | -38.1% | -100.0% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | HAO |
|---|---|---|
| 2022 | -22.7% | – |
| 2023 | +41.5% | – |
| 2024 | +20.3% | – |
| 2025 | -21.8% | +613.3% |
| 2026 | +12.6% | -97.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and HAO good diversifiers for each other?
Yes. With a correlation of -0.19, CARR and HAO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CARR and HAO?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.23 over the last year and n/a over 5 years.
Is HAO a good diversifier for CARR?
Yes. With a correlation of -0.19, CARR and HAO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/carr-vs-hao.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/carr-vs-hao/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CARR correlations · HAO correlations
