HY vs SHEN: Correlation
How closely do Hyster-Yale, Inc. (HY) and Shenandoah Telecommunications Co (SHEN) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and SHEN?
On 3 years of weekly data the HY/SHEN correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.42 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 802.4 %².
Among the 14 assets we track against HY, SHEN ranks #8 by 3-year correlation. Neither side won the trailing year by much: -6.3% against -8.5%.
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.
HY vs SHEN: side by side
| HY (Hyster-Yale, Inc.) | SHEN (Shenandoah Telecommunications Co) | |
|---|---|---|
| 1-year return | -6.3% | -8.5% |
| 5-year return | -30.4% | -57.4% |
| Volatility (ann.) | 45.8% | 41.9% |
| Beta vs S&P 500 | 1.17 | 0.25 |
| Max drawdown (3Y) | -66.4% | -59.2% |
| Market cap | $0.6B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 4.17% | 0.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HY | SHEN |
|---|---|---|
| 2022 | -35.9% | -37.5% |
| 2023 | +153.4% | +36.6% |
| 2024 | -16.3% | -41.3% |
| 2025 | -39.5% | -7.4% |
| 2026 | +19.0% | +5.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and SHEN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HY and SHEN?
The HY/SHEN correlation stands at 0.42 on a 3-year window (1 year: 0.30, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SHEN a good diversifier for HY?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/hy-vs-shen.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hy-vs-shen/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HY correlations · SHEN correlations
