SHMD vs SLNH: Correlation
How closely do SCHMID Group N.V. - Class A (SHMD) and Soluna Holdings, Inc. (SLNH) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHMD and SLNH?
Across a 3-year window, the weekly returns of SHMD and SLNH correlate at 0.34, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.34 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 6346.2 %².
Among the 21 assets we track against SHMD, SLNH ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLNH ahead by 119.1 points (+28.8% versus +147.9%). Note the risk asymmetry: SLNH runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SHMD vs SLNH: side by side
| SHMD (SCHMID Group N.V. - Class A) | SLNH (Soluna Holdings, Inc.) | |
|---|---|---|
| 1-year return | +28.8% | +147.9% |
| 5-year return | n/a | -99.5% |
| Volatility (ann.) | 96.9% | 179.3% |
| Beta vs S&P 500 | 0.77 | 3.25 |
| Max drawdown (3Y) | -69.6% | -94.8% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHMD | SLNH |
|---|---|---|
| 2022 | – | -97.6% |
| 2023 | – | -38.5% |
| 2024 | – | -47.5% |
| 2025 | +101.1% | -44.3% |
| 2026 | -45.1% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHMD and SLNH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SHMD and SLNH?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.48 over the last year and n/a over 5 years.
Is SLNH a good diversifier for SHMD?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: SHMD correlations · SLNH correlations
