HIVE vs UP: Correlation
How closely do HIVE Digital Technologies Ltd (HIVE) and Wheels Up Experience Inc. (UP) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIVE and UP?
Across a 3-year window, the weekly returns of HIVE and UP correlate at 0.34, moderate. The past 12 months show a tighter link (0.48) than the 3-year average (0.34). Stretching to 5 years gives 0.28, with an annualized covariance of 4610.7 %².
Out of 19 assets tracked against HIVE, UP lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months HIVE outperformed by 95.6 percentage points (+4.1% for HIVE against -91.5% for UP). Risk is not evenly split, since UP carries 1.5 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.
HIVE vs UP: side by side
| HIVE (HIVE Digital Technologies Ltd) | UP (Wheels Up Experience Inc.) | |
|---|---|---|
| 1-year return | +4.1% | -91.5% |
| 5-year return | -80.7% | -99.6% |
| Volatility (ann.) | 94.1% | 142.6% |
| Beta vs S&P 500 | 2.26 | 1.69 |
| Max drawdown (3Y) | -77.1% | -95.8% |
| Market cap | $0.8B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIVE | UP |
|---|---|---|
| 2022 | -89.1% | -77.8% |
| 2023 | +214.6% | -66.7% |
| 2024 | -37.1% | -51.9% |
| 2025 | -9.5% | -60.2% |
| 2026 | +18.6% | -62.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIVE and UP good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HIVE and UP?
As of 2026-08-27, the correlation of weekly returns between HIVE and UP is 0.34 over 3 years, 0.48 over 1 year and 0.28 over 5 years.
Is UP a good diversifier for HIVE?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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.
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Related comparisons
Hubs: HIVE correlations · UP correlations
