QH vs TELA: Correlation
How closely do Quhuo Limited - Class A (QH) and TELA Bio, Inc. (TELA) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QH and TELA?
Across a 3-year window, the weekly returns of QH and TELA correlate at 0.39, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.59 versus 0.39 over 3 years. Stretching to 5 years gives 0.35, with an annualized covariance of 39960.3 %².
By 3-year correlation, TELA places #11 of the 40 assets tracked against QH. The last year tells two different stories: QH led by 55.0 percentage points, -8.1% for QH against -63.1% for TELA. Risk is not evenly split, since QH carries 17.9 times the volatility of the other side.
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.
QH vs TELA: side by side
| QH (Quhuo Limited - Class A) | TELA (TELA Bio, Inc.) | |
|---|---|---|
| 1-year return | -8.1% | -63.1% |
| 5-year return | -100.0% | -95.2% |
| Volatility (ann.) | 1360.1% | 75.9% |
| Beta vs S&P 500 | 5.77 | 0.88 |
| Max drawdown (3Y) | -100.0% | -94.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QH | TELA |
|---|---|---|
| 2022 | -98.9% | -10.2% |
| 2023 | +22.5% | -42.4% |
| 2024 | -0.7% | -54.4% |
| 2025 | -99.2% | -60.9% |
| 2026 | +290.7% | -44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QH and TELA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QH and TELA?
As of 2026-08-27, the correlation of weekly returns between QH and TELA is 0.39 over 3 years, 0.59 over 1 year and 0.35 over 5 years.
Is TELA a good diversifier for QH?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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/qh-vs-tela.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qh-vs-tela/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QH correlations · TELA correlations
