CNR vs HNRG: Correlation
Measured on weekly returns over the past three years, Core Natural Resources, Inc. (CNR) and Hallador Energy Company (HNRG) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNR and HNRG?
Across a 3-year window, the weekly returns of CNR and HNRG correlate at 0.40, moderate. The past 12 months show a weaker link (-0.05) than the 3-year average (0.40). Stretching to 5 years gives 0.50, with an annualized covariance of 1265.5 %².
By 3-year correlation, HNRG places #7 of the 13 assets tracked against CNR. Their recent paths diverged sharply: over the last 12 months CNR outperformed by 38.3 percentage points (+40.3% for CNR against +2.0% for HNRG). Note the risk asymmetry: HNRG runs 1.7 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.
CNR vs HNRG: side by side
| CNR (Core Natural Resources, Inc.) | HNRG (Hallador Energy Company) | |
|---|---|---|
| 1-year return | +40.3% | +2.0% |
| 5-year return | +395.6% | +629.4% |
| Volatility (ann.) | 43.9% | 72.5% |
| Beta vs S&P 500 | 0.53 | 1.09 |
| Max drawdown (3Y) | -52.1% | -71.1% |
| Market cap | $5.0B | $0.8B |
| P/E (trailing) | 49.3 | 831.5 |
| Dividend yield | 0.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNR | HNRG |
|---|---|---|
| 2022 | +195.5% | +306.1% |
| 2023 | +60.7% | -11.5% |
| 2024 | +6.6% | +29.5% |
| 2025 | -16.6% | +66.3% |
| 2026 | +15.1% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNR and HNRG good diversifiers for each other?
Reasonably. At 0.40, CNR and HNRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNR and HNRG?
The CNR/HNRG correlation stands at 0.40 on a 3-year window (1 year: -0.05, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is HNRG a good diversifier for CNR?
Reasonably. At 0.40, CNR and HNRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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/cnr-vs-hnrg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnr-vs-hnrg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNR correlations · HNRG correlations
