HIVE vs HUT: Correlation
Measured on weekly returns over the past three years, HIVE Digital Technologies Ltd (HIVE) and Hut 8 Corp. (HUT) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIVE and HUT?
On 3 years of weekly data the HIVE/HUT correlation comes out at 0.68, strong. The past 12 months show a weaker link (0.57) than the 3-year average (0.68). The 5-year figure is 0.77, and annualized covariance runs at 6046.3 %².
By 3-year correlation, HUT places #6 of the 19 assets tracked against HIVE. The last year tells two different stories: HUT led by 226.6 percentage points, +4.1% for HIVE against +230.7% for HUT.
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.
HIVE vs HUT: side by side
| HIVE (HIVE Digital Technologies Ltd) | HUT (Hut 8 Corp.) | |
|---|---|---|
| 1-year return | +4.1% | +230.7% |
| 5-year return | -80.7% | +110.5% |
| Volatility (ann.) | 94.1% | 94.2% |
| Beta vs S&P 500 | 2.26 | 2.26 |
| Max drawdown (3Y) | -77.1% | -65.1% |
| Market cap | $0.8B | $10.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIVE | HUT |
|---|---|---|
| 2022 | -89.1% | -89.2% |
| 2023 | +214.6% | +213.9% |
| 2024 | -37.1% | +53.6% |
| 2025 | -9.5% | +124.2% |
| 2026 | +18.6% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIVE and HUT good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HIVE and HUT?
The HIVE/HUT correlation stands at 0.68 on a 3-year window (1 year: 0.57, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is HUT a good diversifier for HIVE?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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/hive-vs-hut.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hive-vs-hut/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIVE correlations · HUT correlations
