HNRG vs UTG: Correlation
How closely do Hallador Energy Company (HNRG) and Reaves Utility Income Fund (UTG) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNRG and UTG?
Across a 3-year window, the weekly returns of HNRG and UTG correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.37 over 3 years. Stretching to 5 years gives 0.23, with an annualized covariance of 514.3 %².
Few assets follow HNRG as closely as UTG, which ranks #3 of 11 tracked partners. Their 12-month results are close: +2.0% for HNRG against +6.8% for UTG. One caveat on sizing: HNRG is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HNRG vs UTG: side by side
| HNRG (Hallador Energy Company) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | +2.0% | +6.8% |
| 5-year return | +629.4% | +53.5% |
| Volatility (ann.) | 72.5% | 19.1% |
| Beta vs S&P 500 | 1.09 | 0.67 |
| Max drawdown (3Y) | -71.1% | -14.9% |
| Market cap | $0.8B | $3.5B |
| P/E (trailing) | 831.5 | 2.8 |
| Dividend yield | 0.00% | 6.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HNRG | UTG |
|---|---|---|
| 2022 | +306.1% | -13.4% |
| 2023 | -11.5% | +2.8% |
| 2024 | +29.5% | +28.1% |
| 2025 | +66.3% | +23.2% |
| 2026 | -12.7% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNRG and UTG good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HNRG and UTG?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.25 over the last year and 0.23 over 5 years.
Is UTG a good diversifier for HNRG?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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/hnrg-vs-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hnrg-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HNRG correlations · UTG correlations
