HE vs MDBH: Correlation
How closely do Hawaiian Electric Industries, Inc. (HE) and MDB Capital Holdings, LLC - Class A common (MDBH) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and MDBH?
On 3 years of weekly data the HE/MDBH correlation comes out at 0.39, moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.39 over 3. The 5-year figure is n/a, and annualized covariance runs at 1431.6 %².
By 3-year correlation, MDBH places #9 of the 18 assets tracked against HE. Over the last 12 months HE came out ahead by 6.8 percentage points (-9.1% against -15.9%).
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.
HE vs MDBH: side by side
| HE (Hawaiian Electric Industries, Inc.) | MDBH (MDB Capital Holdings, LLC - Class A common) | |
|---|---|---|
| 1-year return | -9.1% | -15.9% |
| 5-year return | -71.4% | n/a |
| Volatility (ann.) | 58.8% | 63.1% |
| Beta vs S&P 500 | 0.09 | 0.25 |
| Max drawdown (3Y) | -53.3% | -78.6% |
| Market cap | $2.0B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | MDBH |
|---|---|---|
| 2022 | +4.3% | – |
| 2023 | -64.6% | – |
| 2024 | -31.4% | -45.4% |
| 2025 | +26.4% | -48.5% |
| 2026 | -6.8% | -10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and MDBH good diversifiers for each other?
Reasonably. At 0.39, HE and MDBH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HE and MDBH?
The HE/MDBH correlation stands at 0.39 on a 3-year window (1 year: 0.32, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MDBH a good diversifier for HE?
Reasonably. At 0.39, HE and MDBH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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
$ curl https://www.pairbook.io/api/v1/pairs/he-vs-mdbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/he-vs-mdbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HE correlations · MDBH correlations
