FXHO vs SAR: Correlation
How closely do UTime Limited - Class A (FXHO) and Saratoga Investment Corp New (SAR) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXHO and SAR?
Over the past 3 years, FXHO and SAR moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.53 versus -0.23 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -931.0 %².
Out of 12 assets tracked against FXHO, SAR lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months SAR outperformed by 82.6 percentage points (-99.8% for FXHO against -17.2% for SAR). One caveat on sizing: FXHO is 7.7 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.
FXHO vs SAR: side by side
| FXHO (UTime Limited - Class A) | SAR (Saratoga Investment Corp New) | |
|---|---|---|
| 1-year return | -99.8% | -17.2% |
| 5-year return | -100.0% | +15.2% |
| Volatility (ann.) | 175.7% | 22.7% |
| Beta vs S&P 500 | 1.88 | 0.53 |
| Max drawdown (3Y) | -100.0% | -24.5% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | – | 18.7 |
| Dividend yield | 0.00% | 16.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FXHO | SAR |
|---|---|---|
| 2022 | -66.6% | -3.8% |
| 2023 | -69.2% | +12.9% |
| 2024 | -95.4% | +6.1% |
| 2025 | -99.7% | +10.4% |
| 2026 | -80.2% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXHO and SAR good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FXHO and SAR?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.53 over the last year and -0.10 over 5 years.
Is SAR a good diversifier for FXHO?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxho-vs-sar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxho-vs-sar/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXHO correlations · SAR correlations
