HWH vs NEON: Correlation
HWH International Inc. (HWH) and Neonode Inc. (NEON) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWH and NEON?
Over the past 3 years, HWH and NEON moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.73) than the 3-year average (-0.29). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -6750.4 %².
NEON is close to the least connected end of HWH's tracked universe, ranking #12 of 12. Their recent paths diverged sharply: over the last 12 months HWH outperformed by 137.3 percentage points (+41.1% for HWH against -96.2% for NEON). One caveat on sizing: HWH is 1.7 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.
HWH vs NEON: side by side
| HWH (HWH International Inc.) | NEON (Neonode Inc.) | |
|---|---|---|
| 1-year return | +41.1% | -96.2% |
| 5-year return | -95.9% | -82.6% |
| Volatility (ann.) | 198.9% | 119.0% |
| Beta vs S&P 500 | 0.98 | 1.95 |
| Max drawdown (3Y) | -98.3% | -97.4% |
| Market cap | – | – |
| P/E (trailing) | – | 1.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWH | NEON |
|---|---|---|
| 2022 | – | -37.9% |
| 2023 | +2.5% | -58.4% |
| 2024 | -93.7% | +259.4% |
| 2025 | -53.8% | -78.9% |
| 2026 | +33.6% | -49.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWH and NEON good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HWH and NEON?
The HWH/NEON correlation stands at -0.29 on a 3-year window (1 year: -0.73, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is NEON a good diversifier for HWH?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/hwh-vs-neon.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: HWH correlations · NEON correlations
