LOCO vs OPAL: Correlation
How closely do El Pollo Loco Holdings, Inc. (LOCO) and OPAL Fuels Inc. (OPAL) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOCO and OPAL?
On 3 years of weekly data the LOCO/OPAL correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.37). The 5-year figure is 0.24, and annualized covariance runs at 766.7 %².
By 3-year correlation, OPAL places #6 of the 12 assets tracked against LOCO. The last year tells two different stories: LOCO led by 50.1 percentage points, +42.3% for LOCO against -7.8% for OPAL. One caveat on sizing: OPAL is 1.8 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.
LOCO vs OPAL: side by side
| LOCO (El Pollo Loco Holdings, Inc.) | OPAL (OPAL Fuels Inc.) | |
|---|---|---|
| 1-year return | +42.3% | -7.8% |
| 5-year return | -3.0% | -77.9% |
| Volatility (ann.) | 33.9% | 61.5% |
| Beta vs S&P 500 | 0.82 | 1.19 |
| Max drawdown (3Y) | -35.9% | -84.1% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LOCO | OPAL |
|---|---|---|
| 2022 | -19.0% | -27.1% |
| 2023 | -11.4% | -24.2% |
| 2024 | +30.8% | -38.6% |
| 2025 | -9.4% | -30.5% |
| 2026 | +45.3% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOCO and OPAL good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LOCO and OPAL?
As of 2026-08-27, the correlation of weekly returns between LOCO and OPAL is 0.37 over 3 years, 0.24 over 1 year and 0.24 over 5 years.
Is OPAL a good diversifier for LOCO?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: LOCO correlations · OPAL correlations
