SHFS vs SLNH: Correlation
SHF Holdings, Inc. (SHFS) and Soluna Holdings, Inc. (SLNH) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHFS and SLNH?
On 3 years of weekly data the SHFS/SLNH correlation comes out at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 11995.3 %².
SLNH is one of the assets that tracks SHFS most closely: it ranks #1 out of the 10 assets we track against SHFS. The last year tells two different stories: SLNH led by 240.8 percentage points, -92.9% for SHFS against +147.9% for SLNH.
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.
SHFS vs SLNH: side by side
| SHFS (SHF Holdings, Inc.) | SLNH (Soluna Holdings, Inc.) | |
|---|---|---|
| 1-year return | -92.9% | +147.9% |
| 5-year return | -99.9% | -99.5% |
| Volatility (ann.) | 150.8% | 179.3% |
| Beta vs S&P 500 | 1.27 | 3.25 |
| Max drawdown (3Y) | -99.4% | -94.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHFS | SLNH |
|---|---|---|
| 2022 | -82.4% | -97.6% |
| 2023 | -20.0% | -38.5% |
| 2024 | -68.3% | -47.5% |
| 2025 | -88.2% | -44.3% |
| 2026 | -84.9% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHFS and SLNH good diversifiers for each other?
Reasonably. At 0.44, SHFS and SLNH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SHFS and SLNH?
The SHFS/SLNH correlation stands at 0.44 on a 3-year window (1 year: 0.52, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SLNH a good diversifier for SHFS?
Reasonably. At 0.44, SHFS and SLNH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SHFS correlations · SLNH correlations
