HQI vs TRST: Correlation
How closely do HireQuest, Inc. (HQI) and TrustCo Bank Corp NY (TRST) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQI and TRST?
On 3 years of weekly data the HQI/TRST correlation comes out at 0.41, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.41). The 5-year figure is 0.28, and annualized covariance runs at 453.5 %².
TRST is one of the assets that tracks HQI most closely: it ranks #3 out of the 10 assets we track against HQI. Correlation aside, the last 12 months split them widely, with HQI ahead by 20.5 points (+71.4% versus +50.9%). One caveat on sizing: HQI is 1.6 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.
HQI vs TRST: side by side
| HQI (HireQuest, Inc.) | TRST (TrustCo Bank Corp NY) | |
|---|---|---|
| 1-year return | +71.4% | +50.9% |
| 5-year return | -4.1% | +121.0% |
| Volatility (ann.) | 42.4% | 26.2% |
| Beta vs S&P 500 | 0.55 | 0.68 |
| Max drawdown (3Y) | -59.4% | -26.2% |
| Market cap | $0.2B | $1.0B |
| P/E (trailing) | 28.6 | 15.9 |
| Dividend yield | 1.41% | 2.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQI | TRST |
|---|---|---|
| 2022 | -20.4% | +17.6% |
| 2023 | -1.7% | -13.3% |
| 2024 | -6.1% | +12.4% |
| 2025 | -24.0% | +29.3% |
| 2026 | +54.0% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQI and TRST good diversifiers for each other?
Reasonably. At 0.41, HQI and TRST keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HQI and TRST?
The HQI/TRST correlation stands at 0.41 on a 3-year window (1 year: 0.25, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is TRST a good diversifier for HQI?
Reasonably. At 0.41, HQI and TRST keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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
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Related comparisons
Hubs: HQI correlations · TRST correlations
