SRFM vs SUGP: Correlation
How closely do Surf Air Mobility Inc. (SRFM) and SU Group Holdings Limited - Class A (SUGP) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SRFM and SUGP?
Across a 3-year window, the weekly returns of SRFM and SUGP correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.48 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 10545.0 %².
SUGP is one of the assets that tracks SRFM most closely: it ranks #3 out of the 11 assets we track against SRFM. Over the last 12 months SRFM came out ahead by 13.1 percentage points (-83.9% against -97.0%).
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.
SRFM vs SUGP: side by side
| SRFM (Surf Air Mobility Inc.) | SUGP (SU Group Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | -83.9% | -97.0% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 150.4% | 143.4% |
| Beta vs S&P 500 | 3.45 | 1.47 |
| Max drawdown (3Y) | -96.2% | -99.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SRFM | SUGP |
|---|---|---|
| 2024 | -50.3% | – |
| 2025 | -64.0% | -44.7% |
| 2026 | -62.6% | -97.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SRFM and SUGP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SRFM and SUGP?
As of 2026-08-27, the correlation of weekly returns between SRFM and SUGP is 0.48 over 3 years, 0.14 over 1 year and n/a over 5 years.
Is SUGP a good diversifier for SRFM?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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
$ curl https://www.pairbook.io/api/v1/pairs/srfm-vs-sugp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/srfm-vs-sugp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SRFM correlations · SUGP correlations
