HTO vs RDZN: Correlation
H2O America (HTO) and Roadzen, Inc. (RDZN) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTO and RDZN?
Over the past 3 years, HTO and RDZN moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.25 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -745.0 %².
RDZN is close to the least connected end of HTO's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with RDZN ahead by 22.6 points (+27.9% versus +50.5%). Note the risk asymmetry: RDZN runs 5.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HTO vs RDZN: side by side
| HTO (H2O America) | RDZN (Roadzen, Inc.) | |
|---|---|---|
| 1-year return | +27.9% | +50.5% |
| 5-year return | +4.2% | -84.9% |
| Volatility (ann.) | 24.2% | 122.6% |
| Beta vs S&P 500 | 0.14 | 1.57 |
| Max drawdown (3Y) | -32.4% | -94.0% |
| Market cap | $2.6B | $0.1B |
| P/E (trailing) | 22.5 | 6.8 |
| Dividend yield | 2.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTO | RDZN |
|---|---|---|
| 2022 | +13.4% | – |
| 2023 | -17.8% | -50.3% |
| 2024 | -22.6% | -57.2% |
| 2025 | +2.9% | +10.6% |
| 2026 | +31.8% | -38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTO and RDZN good diversifiers for each other?
Yes. With a correlation of -0.25, HTO and RDZN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTO and RDZN?
As of 2026-08-27, the correlation of weekly returns between HTO and RDZN is -0.25 over 3 years, -0.36 over 1 year and -0.20 over 5 years.
Is RDZN a good diversifier for HTO?
Yes. With a correlation of -0.25, HTO and RDZN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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
$ curl https://www.pairbook.io/api/v1/pairs/hto-vs-rdzn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hto-vs-rdzn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HTO correlations · RDZN correlations
