HRI vs MGRC: Correlation
How closely do Herc Holdings Inc. (HRI) and McGrath RentCorp (MGRC) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and MGRC?
Across a 3-year window, the weekly returns of HRI and MGRC correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 789.2 %².
Among the 14 assets we track against HRI, MGRC ranks #7 by 3-year correlation. The last year tells two different stories: HRI led by 26.4 percentage points, +18.9% for HRI against -7.5% for MGRC. Risk is not evenly split, since HRI carries 2.1 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.
HRI vs MGRC: side by side
| HRI (Herc Holdings Inc.) | MGRC (McGrath RentCorp) | |
|---|---|---|
| 1-year return | +18.9% | -7.5% |
| 5-year return | +27.3% | +79.8% |
| Volatility (ann.) | 54.2% | 26.1% |
| Beta vs S&P 500 | 1.68 | 0.65 |
| Max drawdown (3Y) | -60.9% | -24.9% |
| Market cap | $5.2B | $2.8B |
| P/E (trailing) | 92.0 | 18.4 |
| Dividend yield | 1.79% | 1.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRI | MGRC |
|---|---|---|
| 2022 | -14.4% | +25.8% |
| 2023 | +15.5% | +23.5% |
| 2024 | +29.4% | -4.9% |
| 2025 | -20.1% | -4.6% |
| 2026 | +5.8% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI and MGRC good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HRI and MGRC?
The HRI/MGRC correlation stands at 0.56 on a 3-year window (1 year: 0.51, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MGRC a good diversifier for HRI?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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.
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Related comparisons
Hubs: HRI correlations · MGRC correlations
