HGBL vs TREX: Correlation
Heritage Global Inc. (HGBL) and Trex Company, Inc. (TREX) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGBL and TREX?
Across a 3-year window, the weekly returns of HGBL and TREX correlate at 0.30, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 463.0 %².
Few assets follow HGBL as closely as TREX, which ranks #3 of 10 tracked partners. On 12-month performance TREX holds a 6.4-point edge, -33.7% against -27.3%.
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 TREX: side by side
| HGBL (Heritage Global Inc.) | TREX (Trex Company, Inc.) | |
|---|---|---|
| 1-year return | -33.7% | -27.3% |
| 5-year return | -41.3% | -58.7% |
| Volatility (ann.) | 34.6% | 45.3% |
| Beta vs S&P 500 | 0.08 | 1.48 |
| Max drawdown (3Y) | -70.7% | -69.9% |
| Market cap | – | $4.7B |
| P/E (trailing) | – | 27.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGBL | TREX |
|---|---|---|
| 2022 | +25.7% | -68.7% |
| 2023 | +18.3% | +95.6% |
| 2024 | -33.5% | -16.6% |
| 2025 | -33.0% | -49.2% |
| 2026 | +3.2% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGBL and TREX good diversifiers for each other?
Reasonably. At 0.30, HGBL and TREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HGBL and TREX?
As of 2026-08-27, the correlation of weekly returns between HGBL and TREX is 0.30 over 3 years, 0.32 over 1 year and 0.20 over 5 years.
Is TREX a good diversifier for HGBL?
Reasonably. At 0.30, HGBL and TREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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-trex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hgbl-vs-trex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HGBL correlations · TREX correlations
