Hadron Energy (HDRN)


Market Price (9/21/2026): $1.74 | Market Cap: $99.1 MilSector: Industrials | Industry: Industrial Machinery & Supplies & Components

Hadron Energy (HDRN)


Market Price (9/21/2026): $1.74
Market Cap: $99.1 Mil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%

Megatrend and thematic drivers
Megatrends include Hydrogen Economy, Battery Technology & Metals, and Energy Transition & Decarbonization. Themes include Green Hydrogen Production, Show more.

Weak multi-year price returns
2Y Excs Rtn is -93%, 3Y Excs Rtn is -129%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -78%

Key risks
HDRN key risks include [1] the failure to complete an initial business combination before its mandated deadline, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%
1 Megatrend and thematic drivers
Megatrends include Hydrogen Economy, Battery Technology & Metals, and Energy Transition & Decarbonization. Themes include Green Hydrogen Production, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -93%, 3Y Excs Rtn is -129%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -78%
6 Key risks
HDRN key risks include [1] the failure to complete an initial business combination before its mandated deadline, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 9/14/2026

Hadron Energy (HDRN) stock has lost about 40% since 5/31/2026 because of the following key factors:

1. Hadron Energy's pre-revenue status and significant operating losses contributed to investor uncertainty. For the six months ended June 30, 2026 (fiscal H1 2026), the company reported a $6.2 million operating loss and $4.4 million in negative operating cash flow, without generating any revenue. The net income of $30.9 million reported for the same period was primarily due to non-cash gains from the remeasurement of SAFEs, warrant liabilities, and a legal settlement.

2. Significant share redemption during the SPAC business combination and subsequent stock decline fueled investor skepticism. Hadron Energy began trading on Nasdaq on May 22, 2026, following a business combination where approximately 84% of the public shares were redeemed. This substantial redemption rate indicated a notable lack of investor confidence. The stock subsequently declined over 61% from its IPO date through mid-August 2026.

Show more
Updated on 9/14/2026

Hadron Energy (HDRN) stock has lost about 40% since 5/31/2026 because of the following key factors:

1. Hadron Energy's pre-revenue status and significant operating losses contributed to investor uncertainty. For the six months ended June 30, 2026 (fiscal H1 2026), the company reported a $6.2 million operating loss and $4.4 million in negative operating cash flow, without generating any revenue. The net income of $30.9 million reported for the same period was primarily due to non-cash gains from the remeasurement of SAFEs, warrant liabilities, and a legal settlement.

2. Significant share redemption during the SPAC business combination and subsequent stock decline fueled investor skepticism. Hadron Energy began trading on Nasdaq on May 22, 2026, following a business combination where approximately 84% of the public shares were redeemed. This substantial redemption rate indicated a notable lack of investor confidence. The stock subsequently declined over 61% from its IPO date through mid-August 2026.

3. The long-term commercialization timeline and speculative nature of advanced nuclear technology presented an extended risk profile. As a developer of its Halo Micro-Modular Reactor (MMR), Hadron Energy does not expect to generate revenue until at least 2035, with manufacturing and combined license submissions targeted for 2028. This extended development and regulatory timeline for commercial viability poses a considerable long-term risk for investors seeking nearer-term returns.

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Stock Movement Drivers

Fundamental Drivers

The -42.3% change in HDRN stock from 5/31/2026 to 9/20/2026 was primarily driven by a -19.8% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120269202026Change
Stock Price ($)2.981.72-42.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)4657-19.8%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
HDRN-42.3% 
Market (SPY)0.9%22.7%
Sector (XLI)-2.0%7.8%

Fundamental Drivers

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Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
HDRN  
Market (SPY)11.6%15.8%
Sector (XLI)-3.9%8.0%

Fundamental Drivers

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Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
HDRN  
Market (SPY)19.4%15.8%
Sector (XLI)12.8%8.0%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
HDRN  
Market (SPY)75.6%15.8%
Sector (XLI)63.4%8.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HDRN Return------59%-59%
Peers Return-3%-18%10%11%-11%-29%-38%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
HDRN Win Rate-----20% 
Peers Win Rate50%56%47%50%44%31% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
HDRN Max Drawdown------ 
Peers Max Drawdown-23%-33%-48%-47%-49%-51% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GGG, GHM, BURU, CEPL, GFUZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

HDRN has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

EventXLIS&P 500
2025 US Tariff Shock
  % Loss-15.8%-18.8%
  % Gain to Breakeven18.8%23.1%
  Time to Breakeven34 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-11.7%-9.5%
  % Gain to Breakeven13.2%10.5%
  Time to Breakeven45 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-20.1%-24.5%
  % Gain to Breakeven25.1%32.4%
  Time to Breakeven125 days427 days
2020 COVID-19 Crash
  % Loss-41.6%-33.7%
  % Gain to Breakeven71.2%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.7%-19.2%
  % Gain to Breakeven31.1%23.8%
  Time to Breakeven120 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.1%-12.2%
  % Gain to Breakeven12.5%13.9%
  Time to Breakeven51 days62 days

Compare to GGG, GHM, CEPL, GFUZ, MFP

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

HDRN has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

EventXLIS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-20.1%-24.5%
  % Gain to Breakeven25.1%32.4%
  Time to Breakeven125 days427 days
2020 COVID-19 Crash
  % Loss-41.6%-33.7%
  % Gain to Breakeven71.2%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.7%-19.2%
  % Gain to Breakeven31.1%23.8%
  Time to Breakeven120 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.5%-17.9%
  % Gain to Breakeven29.0%21.8%
  Time to Breakeven114 days123 days
2008-2009 Global Financial Crisis
  % Loss-60.5%-53.4%
  % Gain to Breakeven153.2%114.4%
  Time to Breakeven700 days1085 days

Compare to GGG, GHM, CEPL, GFUZ, MFP

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hadron Energy (HDRN)

Hadron Energy (HDRN) is a Special Purpose Acquisition Company (SPAC), also known as a blank check company. Its primary business involves raising capital through a public offering with the exclusive aim of identifying, acquiring, and merging with an existing private operating business. This process, referred to as an initial business combination, serves to effectively take the acquired private entity public. Currently, Hadron Energy has no specific business operations or an identified target company, focusing solely on organizational activities.

As a SPAC, Hadron Energy does not provide traditional products or services in the conventional sense. Instead, it offers a pathway for a private operating company to become publicly traded. While not strictly limited to any specific sector, the company intends to concentrate its search for acquisition targets within high-growth industries. These include technology, media, and telecommunications (TMT), artificial intelligence and machine learning (AI/ML), cybersecurity, medical technology and equipment (MedTech), semiconductors, and sustainable industries.

Hadron Energy seeks to capitalize on the extensive experience and broad network of its management team to identify and successfully execute its initial business combination. This team is affiliated with GigCapital Global, and Hadron Energy is their seventh SPAC. The group has a strong track record, having successfully completed business combinations for five of its six prior SPACs, which went on to become public companies such as Kaleyra, UpHealth, Lightning eMotors, BigBear.ai, and QT Imaging.

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HTML output for Hadron Energy (HDRN): null

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  • Business Combination Facilitation: Hadron Energy's primary service is to identify and complete a merger, acquisition, or other business combination with one or more private operating businesses, bringing them public.

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Hadron Energy (HDRN) is a Special Purpose Acquisition Company (SPAC). As a blank check company, it has not yet completed a business combination and does not operate any business that sells products or services. Therefore, it does not currently have any major customers.

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Samuel Gibson, Chief Executive Officer

Samuel Gibson is the Founder and Chief Executive Officer of Hadron Energy.

Rahul Shukla, Chief Financial Officer

Rahul Shukla previously served as Chief Accounting Officer at Stem, Inc., a publicly traded clean-energy software company, where he oversaw global accounting teams, led audit and SOX remediation efforts, managed complex technical accounting matters, and supported a $700 million acquisition integration. He also held senior finance leadership roles at Natera, Inc. and eHealth, Inc., supporting multiple public offerings that raised over $1.6 billion in capital.

Dr. Avi Katz, Executive Chairman

Dr. Avi Katz is the Founder, Chairman, and CEO of GigCapital Global and serves as Executive Chairman of Hadron Energy Inc. A serial entrepreneur and angel investor with nearly 40 years of experience, Dr. Katz founded GigOptix, a fabless semiconductor company, took it public on the NYSE in 2011, and grew it through ten strategic acquisitions before selling it in 2017 for $250 million to Integrated Device Technology. Integrated Device Technology was later acquired by Renesas for $6.7 billion. Following this, Dr. Katz launched GigCapital Global, a Private-to-Public Equity platform utilizing the SPAC methodology, and has since deployed nine vehicles on Nasdaq and NYSE.

Ken Canavan, Chief Operating Officer

Ken Canavan brings nearly four decades of experience in nuclear operations and advanced reactor development to Hadron Energy. He most recently served as President and CEO of E4 Carolinas. Prior to that, he was Chief Technology Officer and Vice President of Nuclear Technology at Westinghouse Electric Company, where he led the Global Technology Office and oversaw major innovation programs, including the eVinci Microreactor program. Earlier in his career, he spent over 15 years at the Electric Power Research Institute (EPRI) as Director of Nuclear Plant Technology.

Dr. Raluca Dinu, Director

Dr. Raluca Dinu is a Managing Partner at GigCapital Global and a Director of Hadron Energy. She held a General Manager/Vice President position at Integrated Device Technology, Inc., which was acquired by Renesas Electronics Corp for $6.7 billion. Prior to this, she was Chief Operations Officer of GigPeak, where she led 10 mergers and acquisitions before its acquisition by Integrated Device Technology in April 2017.

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The key risks for Hadron Energy (HDRN) are primarily associated with its nature as a Special Purpose Acquisition Company (SPAC) that has not yet identified a target business combination.

  1. Failure to complete an initial business combination: Hadron Energy is a blank check company formed for the purpose of effecting a business combination. The company has not yet selected any specific business combination target, and its efforts to date have been limited to organizational activities. If Hadron Energy is unable to identify and successfully complete an initial business combination within the timeframe specified in its organizational documents (typically a fixed period, though not explicitly stated in the background, it's a standard SPAC feature), it would likely be forced to liquidate and return the funds held in trust to its public shareholders, potentially at a loss.
  2. Difficulty in identifying and acquiring a suitable target business: The company's success is dependent on its ability to identify and consummate an initial business combination with one or more businesses. While Hadron Energy intends to focus on specific industries (TMT, AI/ML, cybersecurity, MedTech, semiconductors, and sustainable industries) and leverage its management team's experience, there is no guarantee that it will be able to locate a suitable acquisition candidate or successfully negotiate and complete a transaction. The market for attractive target businesses can be highly competitive, and potential targets may prefer to remain private, pursue alternative transactions, or seek combinations with other SPACs or strategic buyers.

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Hadron Energy (HDRN) completed its business combination with GigCapital7 Corp. on May 22, 2026, and is now trading on Nasdaq as a developer of light-water micro-modular reactors (MMRs). The company's primary product is the Halo MMR, a 10-megawatt electric (MWe) transportable reactor designed to provide continuous, carbon-free baseload power. Expected drivers of future revenue growth for Hadron Energy over the next 2-3 years include: * **Commercial deployment and sales of the Halo Micro-Modular Reactor (MMR).** As the company advances its Halo MMR through design, regulatory, and customer-deployment milestones, revenue will be generated from the sale and installation of these reactors. * **Expansion into target markets.** Hadron Energy is strategically focused on deploying its MMR technology for high-demand applications such as AI data centers, industrial hubs, remote communities, and critical infrastructure. Successful penetration and growth within these sectors will be a key revenue driver. * **Leveraging strategic collaborations and deployment frameworks.** The company has already established a multi-project deployment framework with Smartland Energy for evaluating Halo MMR deployment across up to five projects, representing an aggregate capacity demand of approximately 1.8 gigawatts electric. Forming and executing similar partnerships will be crucial for scaling revenue. * **Achievement of regulatory milestones.** Progressing with the U.S. Nuclear Regulatory Commission (NRC) on the licensing pathway for the Halo MMR is essential for its broad commercialization and widespread deployment, directly impacting the company's ability to generate revenue.

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Share Issuance

  • GigCapital7 Corp. (the SPAC that merged with Hadron Energy) completed its initial public offering in August 2024, raising $200 million.
  • Upon the closing of the business combination on May 22, 2026, 71,498,842 shares of common stock of Hadron Energy, Inc. were outstanding.

Inbound Investments

  • Hadron Energy Operating Company (the private entity prior to the merger) secured $7.5 million in pre-IPO equity financing through Simple Agreements for Future Equity (SAFE) notes.
  • The business combination brought approximately $31 million in cash to Hadron Energy at closing, derived from trust funds and SAFE bridge financing.

Capital Expenditures

  • Hadron Energy is focused on developing factory-fabricated, transportable 10 megawatt-electric (MWe) micro-modular reactors (MMRs) and has secured a Uranium Conversion Services Agreement with ConverDyn to ensure domestic fuel supply for its Halo Micro-Modular Reactor.
  • The company also has a non-binding Memorandum of Understanding with Smartland Energy, LLC, for the potential deployment of its Halo MMR technology across up to five projects.

Peer Outperformance in Industrial Machinery & Supplies & Components

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Share of Industrial Machinery & Supplies & Components constituents that HDRN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
insufficient peer history
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Industrial Machinery & Supplies & Components is HDRN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 7.0%104.6%189.6% FIX 2338% · STRL 2296% · CDNL 2275%
Marine Transportation 5 88.1%65.8%180.5% HOS 44163% · MATX 208% · SFL 181%
Construction Machinery & Heavy Transportation Equipment 13 11.7%58.9%128.8% CAT 364% · ALSN 258% · WAB 236%
Aerospace & Defense 55 -6.5%68.9%75.0% ATI 1076% · FTAI 1008% · HWM 661%
Rail Transportation 7 29.3%58.4%59.0% FSTR 147% · CSX 70% · RAIL 69%
Trading Companies & Distributors 19 4.3%37.2%50.9% DXPE 581% · AIT 305% · WCC 222%
Industrial Machinery & Supplies & Components ← 72 9.1%51.5%43.2% CRS 1278% · PSIX 1091% · EROC 652%
Diversified Support Services 33 13.4%34.2%36.0% LIME 3498% · TH 459% · WLFC 363%
Passenger Ground Transportation 3 -28.4%46.2%31.6% UBER 59% · CAR 32% · LYFT -72%
Cargo Ground Transportation 16 34.4%2.3%27.6% R 251% · XPO 242% · CVLG 163%
Electrical Components & Equipment 41 3.4%58.5%24.2% POWL 2383% · BE 1333% · VRT 958%
Building Products 33 -14.7%3.4%20.0% LMB 728% · GFF 398% · PPIH 301%
Industrial Conglomerates 17 7.9%6.5%7.9% RCMT 524% · CSW 142% · DD 76%
Agricultural & Farm Machinery 17 6.4%4.5%-2.4% BLBD 214% · DE 117% · GENC 58%
Environmental & Facilities Services 29 -11.1%24.2%-7.2% CECO 929% · ADUR 404% · NVRI 376%
Research & Consulting Services 13 -12.7%-22.8%-10.5% HURN 219% · CRAI 92% · GRNQ 67%
Data Processing & Outsourced Services 6 -33.4%-14.8%-24.6% EXLS 46% · BR 10% · G -23%
Passenger Airlines 11 3.2%13.3%-27.7% LTM 3169% · UAL 145% · SKYW 113%
Office Services & Supplies 9 7.4%12.6%-32.7% PBI 202% · TILE 148% · HNI 51%
Human Resource & Employment Services 22 6.5%-15.5%-36.3% BBSI 89% · ADP 54% · PAYX 25%
Air Freight & Logistics 12 -18.0%-19.7%-39.1% CHRW 97% · EXPD 67% · FDX 66%
Security & Alarm Services 10 -37.7%22.8%-44.9% CIX 157% · MG 128% · BCO 68%
Airport Services 3 -75.1%-78.7%-61.9% JOBY -35% · ASLE -62% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HDRNGGGGHMBURUCEPLGFUZMedian
NameHadron E.Graco Graham Nuburu Capstone.General . 
Mkt Price1.7276.2684.041.036.697.957.32
Mkt Cap0.112.51.0---1.0
Rev LTM02,267261-103-182
Op Inc LTM-4362214-5-9
FCF LTM-629-6-3-3
FCF 3Y Avg-5661---283
CFO LTM-6736-4-6
CFO 3Y Avg-65716---337

Growth & Margins

HDRNGGGGHMBURUCEPLGFUZMedian
NameHadron E.Graco Graham Nuburu Capstone.General . 
Rev Chg LTM-4.6%21.2%-5.4%-5.4%
Rev Chg 3Y Avg-1.2%15.8%-11.7%-11.7%
Rev Chg Q-3.3%28.6%--10.6%-3.3%
QoQ Delta Rev Chg LTM-0.8%6.5%--2.8%-0.8%
Op Inc Chg LTM-7.8%-16.1%-305.8%-7.8%
Op Inc Chg 3Y Avg-0.9%69.8%-119.4%-69.8%
Op Mgn LTM-27.4%5.4%-4.4%-5.4%
Op Mgn 3Y Avg-27.7%5.6%--7.7%-5.6%
QoQ Delta Op Mgn LTM-0.6%-0.7%-1.2%-0.6%
CFO/Rev LTM-29.7%2.1%-4.3%-4.3%
CFO/Rev 3Y Avg-29.9%7.8%---18.9%
FCF/Rev LTM-27.8%-2.3%-2.8%-2.8%
FCF/Rev 3Y Avg-25.7%0.8%---13.3%

Valuation

HDRNGGGGHMBURUCEPLGFUZMedian
NameHadron E.Graco Graham Nuburu Capstone.General . 
Mkt Cap0.112.51.0---1.0
P/S-5.53.7---4.6
P/Op Inc-2.320.168.6---20.1
P/EBIT-2.319.068.6---19.0
P/E-1.423.482.5---23.4
P/CFO-18.5175.9---97.2
Total Yield-73.9%5.8%1.2%---1.2%
Dividend Yield0.0%1.5%0.0%---0.0%
FCF Yield 3Y Avg-4.3%1.2%---2.7%
D/E0.00.00.0---0.0
Net D/E-0.2-0.0-0.0----0.0

Returns

HDRNGGGGHMBURUCEPLGFUZMedian
NameHadron E.Graco Graham Nuburu Capstone.General . 
1M Rtn-8.0%-5.4%-17.2%-39.3%1.4%13.6%-6.7%
3M Rtn-33.3%0.7%-24.1%-84.3%-40.0%-27.7%-30.5%
6M Rtn-57.4%-8.4%5.1%-87.5%-40.0%-27.7%-33.9%
12M Rtn-57.4%-8.6%56.6%-96.4%-40.0%-27.7%-33.9%
3Y Rtn-57.4%8.2%446.4%-100.0%-40.0%-27.7%-33.9%
1M Excs Rtn-5.8%-7.0%-19.1%-39.6%7.6%12.2%-6.4%
3M Excs Rtn-35.3%-1.3%-26.1%-86.3%-42.0%-29.7%-32.5%
6M Excs Rtn-73.2%-24.7%-14.2%-101.2%-55.8%-43.5%-49.7%
12M Excs Rtn-73.3%-24.7%44.8%-112.2%-55.9%-43.6%-49.8%
3Y Excs Rtn-128.7%-65.7%355.6%-171.2%-111.3%-99.0%-105.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025
Single segment0
Total0


Assets by Segment
$ Mil2025
Single segment4
Total4


Price Behavior

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HDRN Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.640.831.621.17-0.590.42
Up Beta1.211.451.140.68-2.48-0.74
Down Beta2.58-1.041.640.92-2.850.63
Up Capture527%59%72%-21%-9%-1%
Bmk +ve Days10213268138427
Stock +ve Days152129292929
Down Capture107%143%241%142%89%49%
Bmk -ve Days11213259113324
Stock -ve Days51630333333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HDRN
HDRN-57.6%84.2%-2.79-
Sector ETF (XLI)13.5%17.2%0.578.0%
Equity (SPY)16.9%12.9%0.9415.8%
Gold (GLD)19.1%29.3%0.609.1%
Commodities (DBC)46.3%20.6%1.7312.1%
Real Estate (VNQ)4.9%13.6%0.10-20.9%
Bitcoin (BTCUSD)-30.6%44.3%-0.7020.8%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HDRN
HDRN-15.7%84.2%-2.79-
Sector ETF (XLI)12.4%17.6%0.548.0%
Equity (SPY)12.9%17.2%0.5715.8%
Gold (GLD)19.1%18.8%0.839.1%
Commodities (DBC)11.2%19.5%0.4512.1%
Real Estate (VNQ)1.1%18.8%-0.05-20.9%
Bitcoin (BTCUSD)12.5%52.5%0.4220.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HDRN
HDRN-8.2%84.2%-2.79-
Sector ETF (XLI)13.1%20.1%0.578.0%
Equity (SPY)15.1%18.0%0.7215.8%
Gold (GLD)12.1%16.4%0.619.1%
Commodities (DBC)8.3%18.1%0.3712.1%
Real Estate (VNQ)4.4%20.7%0.18-20.9%
Bitcoin (BTCUSD)62.6%66.2%1.0220.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 8152026-25.3%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity57.0 Mil
Short % of Basic Shares0.4%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

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Report DateFiling DateFiling
06/30/202608/12/202610-Q
12/31/202504/15/2026424B3
09/30/202502/17/2026S-4/A
06/30/202511/12/2025S-4
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Report DateFiling DateFiling
06/30/202608/12/202610-Q
12/31/202504/15/2026424B3
09/30/202502/17/2026S-4/A
06/30/202511/12/2025S-4
Core Cache Last Updated: 9/20/2026