DFNS vs HDB: Correlation
How closely do T3 Defense Inc. (DFNS) and HDFC Bank Limited (HDB) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and HDB?
Across a 3-year window, the weekly returns of DFNS and HDB correlate at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.28). Stretching to 5 years gives -0.20, with an annualized covariance of -43158.4 %².
By 3-year correlation, HDB places #34 of the 44 assets tracked against DFNS. Correlation aside, the last 12 months split them widely, with DFNS ahead by 231.4 points (+193.5% versus -37.9%). Note the risk asymmetry: DFNS runs 244.5 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.
DFNS vs HDB: side by side
| DFNS (T3 Defense Inc.) | HDB (HDFC Bank Limited) | |
|---|---|---|
| 1-year return | +193.5% | -37.9% |
| 5-year return | -77.9% | -38.6% |
| Volatility (ann.) | 6136.1% | 25.1% |
| Beta vs S&P 500 | -23.33 | 0.44 |
| Max drawdown (3Y) | -99.9% | -42.4% |
| Market cap | – | $115.4B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | 0.00% | 56.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | HDB |
|---|---|---|
| 2022 | +5.0% | +7.4% |
| 2023 | -62.5% | +0.2% |
| 2024 | +59.9% | -3.7% |
| 2025 | -89.0% | +15.9% |
| 2026 | +215.4% | -38.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and HDB good diversifiers for each other?
Yes. With a correlation of -0.28, DFNS and HDB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DFNS and HDB?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.40 over the last year and -0.20 over 5 years.
Is HDB a good diversifier for DFNS?
Yes. With a correlation of -0.28, DFNS and HDB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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
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Related comparisons
Hubs: DFNS correlations · HDB correlations
