HTO vs TGEN: Correlation
Measured on weekly returns over the past three years, H2O America (HTO) and Tecogen Inc. (TGEN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTO and TGEN?
Over the past 3 years, HTO and TGEN moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -595.9 %².
Out of 13 assets tracked against HTO, TGEN lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months HTO outperformed by 87.7 percentage points (+27.9% for HTO against -59.8% for TGEN). One caveat on sizing: TGEN is 4.4 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.
HTO vs TGEN: side by side
| HTO (H2O America) | TGEN (Tecogen Inc.) | |
|---|---|---|
| 1-year return | +27.9% | -59.8% |
| 5-year return | +4.2% | +76.1% |
| Volatility (ann.) | 24.2% | 106.2% |
| Beta vs S&P 500 | 0.14 | 1.92 |
| Max drawdown (3Y) | -32.4% | -83.4% |
| Market cap | $2.6B | $0.1B |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 2.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTO | TGEN |
|---|---|---|
| 2022 | +13.4% | +4.2% |
| 2023 | -17.8% | -35.2% |
| 2024 | -22.6% | +80.9% |
| 2025 | +2.9% | +237.2% |
| 2026 | +31.8% | -35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTO and TGEN good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between HTO and TGEN?
As of 2026-08-27, the correlation of weekly returns between HTO and TGEN is -0.23 over 3 years, -0.32 over 1 year and -0.10 over 5 years.
Is TGEN a good diversifier for HTO?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hto-vs-tgen.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hto-vs-tgen/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HTO correlations · TGEN correlations
