HGBL vs LUMN: Correlation
Measured on weekly returns over the past three years, Heritage Global Inc. (HGBL) and Lumen Technologies, Inc. (LUMN) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGBL and LUMN?
On 3 years of weekly data the HGBL/LUMN correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.04 versus -0.21 over 3 years. The 5-year figure is -0.14, and annualized covariance runs at -705.0 %².
Out of 10 assets tracked against HGBL, LUMN lands near the bottom at #8. The last year tells two different stories: LUMN led by 50.2 percentage points, -33.7% for HGBL against +16.5% for LUMN. Risk is not evenly split, since LUMN carries 2.8 times the volatility of the other side.
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 LUMN: side by side
| HGBL (Heritage Global Inc.) | LUMN (Lumen Technologies, Inc.) | |
|---|---|---|
| 1-year return | -33.7% | +16.5% |
| 5-year return | -41.3% | -44.0% |
| Volatility (ann.) | 34.6% | 95.4% |
| Beta vs S&P 500 | 0.08 | 0.90 |
| Max drawdown (3Y) | -70.7% | -69.7% |
| Market cap | – | $6.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGBL | LUMN |
|---|---|---|
| 2022 | +25.7% | -55.5% |
| 2023 | +18.3% | -64.9% |
| 2024 | -33.5% | +190.2% |
| 2025 | -33.0% | +46.3% |
| 2026 | +3.2% | -21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGBL and LUMN good diversifiers for each other?
Yes. With a correlation of -0.21, HGBL and LUMN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HGBL and LUMN?
The HGBL/LUMN correlation stands at -0.21 on a 3-year window (1 year: 0.04, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is LUMN a good diversifier for HGBL?
Yes. With a correlation of -0.21, HGBL and LUMN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/hgbl-vs-lumn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hgbl-vs-lumn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HGBL correlations · LUMN correlations
