HUT vs MARA: Correlation
How closely do Hut 8 Corp. (HUT) and MARA Holdings, Inc. (MARA) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUT and MARA?
Across a 3-year window, the weekly returns of HUT and MARA correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 5542.9 %².
In HUT's tracked universe of 19 assets, MARA sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months HUT outperformed by 255.8 percentage points (+230.7% for HUT against -25.1% for MARA).
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.
HUT vs MARA: side by side
| HUT (Hut 8 Corp.) | MARA (MARA Holdings, Inc.) | |
|---|---|---|
| 1-year return | +230.7% | -25.1% |
| 5-year return | +110.5% | -70.7% |
| Volatility (ann.) | 94.2% | 83.9% |
| Beta vs S&P 500 | 2.26 | 2.07 |
| Max drawdown (3Y) | -65.1% | -78.3% |
| Market cap | $10.7B | $4.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HUT | MARA |
|---|---|---|
| 2022 | -89.2% | -89.6% |
| 2023 | +213.9% | +586.8% |
| 2024 | +53.6% | -28.6% |
| 2025 | +124.2% | -46.5% |
| 2026 | +89.7% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUT and MARA good diversifiers for each other?
To a limited degree. At 0.70 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 HUT and MARA?
As of 2026-08-27, the correlation of weekly returns between HUT and MARA is 0.70 over 3 years, 0.66 over 1 year and 0.80 over 5 years.
Is MARA a good diversifier for HUT?
To a limited degree. At 0.70 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 0.70 mean?
On the −1 to +1 scale, 0.70 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/hut-vs-mara.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hut-vs-mara/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HUT correlations · MARA correlations
