HIHO vs OPAL: Correlation
Highway Holdings Limited (HIHO) and OPAL Fuels Inc. (OPAL) 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 HIHO and OPAL?
On 3 years of weekly data the HIHO/OPAL correlation comes out at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 1321.9 %².
Within HIHO's tracked universe of 10 assets, OPAL comes in at #5 by 3-year correlation. The last year tells two different stories: OPAL led by 38.9 percentage points, -46.7% for HIHO against -7.8% for OPAL.
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.
HIHO vs OPAL: side by side
| HIHO (Highway Holdings Limited) | OPAL (OPAL Fuels Inc.) | |
|---|---|---|
| 1-year return | -46.7% | -7.8% |
| 5-year return | -69.9% | -77.9% |
| Volatility (ann.) | 70.6% | 61.5% |
| Beta vs S&P 500 | 0.55 | 1.19 |
| Max drawdown (3Y) | -70.9% | -84.1% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIHO | OPAL |
|---|---|---|
| 2022 | -43.3% | -27.1% |
| 2023 | +0.9% | -24.2% |
| 2024 | +3.5% | -38.6% |
| 2025 | -18.5% | -30.5% |
| 2026 | -41.3% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIHO and OPAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HIHO and OPAL?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.39 over the last year and 0.20 over 5 years.
Is OPAL a good diversifier for HIHO?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hiho-vs-opal.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hiho-vs-opal/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIHO correlations · OPAL correlations
