HDSN vs HGBL: Correlation
How closely do Hudson Technologies, Inc. (HDSN) and Heritage Global Inc. (HGBL) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDSN and HGBL?
Across a 3-year window, the weekly returns of HDSN and HGBL correlate at 0.29, weak. The past 12 months show a tighter link (0.50) than the 3-year average (0.29). Stretching to 5 years gives 0.13, with an annualized covariance of 417.9 %².
Within HDSN's tracked universe of 12 assets, HGBL comes in at #6 by 3-year correlation. On 12-month performance HGBL holds a 12.8-point edge, -46.5% against -33.7%.
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.
HDSN vs HGBL: side by side
| HDSN (Hudson Technologies, Inc.) | HGBL (Heritage Global Inc.) | |
|---|---|---|
| 1-year return | -46.5% | -33.7% |
| 5-year return | +68.6% | -41.3% |
| Volatility (ann.) | 41.6% | 34.6% |
| Beta vs S&P 500 | 0.74 | 0.08 |
| Max drawdown (3Y) | -67.6% | -70.7% |
| Market cap | $0.2B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDSN | HGBL |
|---|---|---|
| 2022 | +127.9% | +25.7% |
| 2023 | +33.3% | +18.3% |
| 2024 | -58.6% | -33.5% |
| 2025 | +22.8% | -33.0% |
| 2026 | -20.0% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDSN and HGBL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HDSN and HGBL?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.50 over the last year and 0.13 over 5 years.
Is HGBL a good diversifier for HDSN?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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.
Use this data
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Related comparisons
Hubs: HDSN correlations · HGBL correlations
