CSPI vs HOVR: Correlation
How closely do CSP Inc. (CSPI) and New Horizon Aircraft Ltd. - Class A (HOVR) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSPI and HOVR?
Over the past 3 years, CSPI and HOVR moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.24) runs above the 3-year figure (-0.19). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2484.4 %².
Among the 12 assets we track against CSPI, HOVR sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months HOVR outperformed by 36.0 percentage points (-37.1% for CSPI against -1.1% for HOVR). Note the risk asymmetry: HOVR runs 2.4 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.
CSPI vs HOVR: side by side
| CSPI (CSP Inc.) | HOVR (New Horizon Aircraft Ltd. - Class A) | |
|---|---|---|
| 1-year return | -37.1% | -1.1% |
| 5-year return | +76.7% | n/a |
| Volatility (ann.) | 74.2% | 177.8% |
| Beta vs S&P 500 | 1.67 | 0.74 |
| Max drawdown (3Y) | -73.4% | -97.6% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSPI | HOVR |
|---|---|---|
| 2022 | +8.0% | – |
| 2023 | +108.9% | – |
| 2024 | +66.1% | -86.4% |
| 2025 | -21.6% | +30.1% |
| 2026 | -36.5% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSPI and HOVR good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CSPI and HOVR?
As of 2026-08-27, the correlation of weekly returns between CSPI and HOVR is -0.19 over 3 years, 0.24 over 1 year and n/a over 5 years.
Is HOVR a good diversifier for CSPI?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: CSPI correlations · HOVR correlations
