FDUS vs OPAL: Correlation
Measured on weekly returns over the past three years, Fidus Investment Corporation - Closed End Fund (FDUS) and OPAL Fuels Inc. (OPAL) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDUS and OPAL?
Across a 3-year window, the weekly returns of FDUS and OPAL correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 449.8 %².
By 3-year correlation, OPAL places #11 of the 21 assets tracked against FDUS. On 12-month performance FDUS holds a 11.5-point edge, +3.7% against -7.8%. Note the risk asymmetry: OPAL runs 3.5 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.
FDUS vs OPAL: side by side
| FDUS (Fidus Investment Corporation - Closed End Fund) | OPAL (OPAL Fuels Inc.) | |
|---|---|---|
| 1-year return | +3.7% | -7.8% |
| 5-year return | +100.3% | -77.9% |
| Volatility (ann.) | 17.5% | 61.5% |
| Beta vs S&P 500 | 0.57 | 1.19 |
| Max drawdown (3Y) | -23.9% | -84.1% |
| Market cap | $0.7B | $0.4B |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 8.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FDUS | OPAL |
|---|---|---|
| 2022 | +17.1% | -27.1% |
| 2023 | +20.0% | -24.2% |
| 2024 | +20.5% | -38.6% |
| 2025 | +2.1% | -30.5% |
| 2026 | +8.9% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDUS and OPAL good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FDUS and OPAL?
As of 2026-08-27, the correlation of weekly returns between FDUS and OPAL is 0.42 over 3 years, 0.35 over 1 year and 0.27 over 5 years.
Is OPAL a good diversifier for FDUS?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/fdus-vs-opal.json
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Related comparisons
Hubs: FDUS correlations · OPAL correlations
