HUT vs WULF: Correlation
How closely do Hut 8 Corp. (HUT) and TeraWulf Inc. (WULF) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUT and WULF?
Across a 3-year window, the weekly returns of HUT and WULF correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 6555.1 %².
By 3-year correlation, WULF places #5 of the 19 assets tracked against HUT. The last year tells two different stories: HUT led by 150.1 percentage points, +230.7% for HUT against +80.6% for WULF.
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 WULF: side by side
| HUT (Hut 8 Corp.) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | +230.7% | +80.6% |
| 5-year return | +110.5% | -32.7% |
| Volatility (ann.) | 94.2% | 105.8% |
| Beta vs S&P 500 | 2.26 | 2.76 |
| Max drawdown (3Y) | -65.1% | -74.6% |
| Market cap | $10.7B | $8.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HUT | WULF |
|---|---|---|
| 2022 | -89.2% | -95.5% |
| 2023 | +213.9% | +258.2% |
| 2024 | +53.6% | +135.8% |
| 2025 | +124.2% | +103.0% |
| 2026 | +89.7% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUT and WULF good diversifiers for each other?
To a limited degree. At 0.66 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 WULF?
As of 2026-08-27, the correlation of weekly returns between HUT and WULF is 0.66 over 3 years, 0.75 over 1 year and 0.50 over 5 years.
Is WULF a good diversifier for HUT?
To a limited degree. At 0.66 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 0.66 mean?
On the −1 to +1 scale, 0.66 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-wulf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hut-vs-wulf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HUT correlations · WULF correlations
