HWH vs XMAX: Correlation
HWH International Inc. (HWH) and XMAX, Inc. (XMAX) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWH and XMAX?
On 3 years of weekly data the HWH/XMAX correlation comes out at 0.41, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.89 versus 0.41 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 13087.1 %².
By 3-year correlation, XMAX places #6 of the 12 assets tracked against HWH. Correlation aside, the last 12 months split them widely, with XMAX ahead by 323.0 points (+41.1% versus +364.1%).
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 XMAX: side by side
| HWH (HWH International Inc.) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | +41.1% | +364.1% |
| 5-year return | -95.9% | -21.0% |
| Volatility (ann.) | 198.9% | 161.3% |
| Beta vs S&P 500 | 0.98 | 0.59 |
| Max drawdown (3Y) | -98.3% | -91.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 18.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWH | XMAX |
|---|---|---|
| 2022 | – | -77.0% |
| 2023 | +2.5% | +75.3% |
| 2024 | -93.7% | -82.2% |
| 2025 | -53.8% | +795.5% |
| 2026 | +33.6% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWH and XMAX good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HWH and XMAX?
As of 2026-08-27, the correlation of weekly returns between HWH and XMAX is 0.41 over 3 years, 0.89 over 1 year and 0.38 over 5 years.
Is XMAX a good diversifier for HWH?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/hwh-vs-xmax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hwh-vs-xmax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWH correlations · XMAX correlations
