CELH vs THG: Correlation
How closely do Celsius Holdings, Inc. (CELH) and Hanover Insurance Group Inc (THG) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CELH and THG?
On 3 years of weekly data the CELH/THG correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.12) sits close to the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -322.0 %².
Among the 12 assets we track against CELH, THG sits near the bottom by co-movement, at rank #10. The last year tells two different stories: THG led by 77.9 percentage points, -44.8% for CELH against +33.1% for THG. One caveat on sizing: CELH is 3.0 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.
CELH vs THG: side by side
| CELH (Celsius Holdings, Inc.) | THG (Hanover Insurance Group Inc) | |
|---|---|---|
| 1-year return | -44.8% | +33.1% |
| 5-year return | +24.3% | +81.9% |
| Volatility (ann.) | 66.5% | 21.9% |
| Beta vs S&P 500 | 1.11 | 0.24 |
| Max drawdown (3Y) | -77.9% | -14.0% |
| Market cap | $8.3B | $7.9B |
| P/E (trailing) | 143.4 | 10.9 |
| Dividend yield | 0.00% | 1.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CELH | THG |
|---|---|---|
| 2022 | +39.5% | +5.4% |
| 2023 | +57.2% | -7.6% |
| 2024 | -51.7% | +30.6% |
| 2025 | +73.7% | +20.7% |
| 2026 | -27.9% | +25.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CELH and THG good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CELH and THG?
The CELH/THG correlation stands at -0.22 on a 3-year window (1 year: -0.12, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is THG a good diversifier for CELH?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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.
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Related comparisons
Hubs: CELH correlations · THG correlations
