GTLB vs HOVR: Correlation
How closely do GitLab Inc. (GTLB) 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 GTLB and HOVR?
Across a 3-year window, the weekly returns of GTLB and HOVR correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.25) than the 3-year average (-0.19). Stretching to 5 years gives n/a, with an annualized covariance of -1722.6 %².
Out of 19 assets tracked against GTLB, HOVR lands near the bottom at #16. Their 12-month results are close: -5.2% for GTLB against -1.1% for HOVR. Note the risk asymmetry: HOVR runs 3.4 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.
GTLB vs HOVR: side by side
| GTLB (GitLab Inc.) | HOVR (New Horizon Aircraft Ltd. - Class A) | |
|---|---|---|
| 1-year return | -5.2% | -1.1% |
| 5-year return | -56.9% | n/a |
| Volatility (ann.) | 52.0% | 177.8% |
| Beta vs S&P 500 | 1.49 | 0.74 |
| Max drawdown (3Y) | -75.0% | -97.6% |
| Market cap | $7.6B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTLB | HOVR |
|---|---|---|
| 2022 | -47.8% | – |
| 2023 | +38.6% | – |
| 2024 | -10.5% | -86.4% |
| 2025 | -33.4% | +30.1% |
| 2026 | +19.4% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTLB and HOVR good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GTLB and HOVR?
As of 2026-08-27, the correlation of weekly returns between GTLB and HOVR is -0.19 over 3 years, 0.25 over 1 year and n/a over 5 years.
Is HOVR a good diversifier for GTLB?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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/gtlb-vs-hovr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gtlb-vs-hovr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GTLB correlations · HOVR correlations
