HGBL vs KBSX: Correlation
How closely do Heritage Global Inc. (HGBL) and FST Corp. (KBSX) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGBL and KBSX?
On 3 years of weekly data the HGBL/KBSX correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.26 over 3. The 5-year figure is -0.19, and annualized covariance runs at -801.5 %².
Among the 10 assets we track against HGBL, KBSX sits near the bottom by co-movement, at rank #10. The trailing year gives HGBL the advantage: -33.7% versus -39.5%, a 5.8-point spread. Note the risk asymmetry: KBSX runs 2.6 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.
HGBL vs KBSX: side by side
| HGBL (Heritage Global Inc.) | KBSX (FST Corp.) | |
|---|---|---|
| 1-year return | -33.7% | -39.5% |
| 5-year return | -41.3% | -89.8% |
| Volatility (ann.) | 34.6% | 88.4% |
| Beta vs S&P 500 | 0.08 | 0.95 |
| Max drawdown (3Y) | -70.7% | -94.0% |
| Market cap | – | – |
| P/E (trailing) | – | 8.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGBL | KBSX |
|---|---|---|
| 2022 | +25.7% | – |
| 2023 | +18.3% | +7.3% |
| 2024 | -33.5% | -12.7% |
| 2025 | -33.0% | -85.5% |
| 2026 | +3.2% | -27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGBL and KBSX good diversifiers for each other?
Yes. With a correlation of -0.26, HGBL and KBSX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HGBL and KBSX?
As of 2026-08-27, the correlation of weekly returns between HGBL and KBSX is -0.26 over 3 years, -0.21 over 1 year and -0.19 over 5 years.
Is KBSX a good diversifier for HGBL?
Yes. With a correlation of -0.26, HGBL and KBSX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/hgbl-vs-kbsx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hgbl-vs-kbsx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HGBL correlations · KBSX correlations
