AAP vs HLP: Correlation
Advance Auto Parts Inc. (AAP) and Hongli Group Inc. - Class A (HLP) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAP and HLP?
Across a 3-year window, the weekly returns of AAP and HLP correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.22 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -1627.8 %².
HLP is close to the least connected end of AAP's tracked universe, ranking #10 of 11. The last year tells two different stories: HLP led by 116.4 percentage points, -26.7% for AAP against +89.7% for HLP. Risk is not evenly split, since HLP carries 2.2 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.
AAP vs HLP: side by side
| AAP (Advance Auto Parts Inc.) | HLP (Hongli Group Inc. - Class A) | |
|---|---|---|
| 1-year return | -26.7% | +89.7% |
| 5-year return | -75.5% | n/a |
| Volatility (ann.) | 57.4% | 127.2% |
| Beta vs S&P 500 | 0.80 | 0.02 |
| Max drawdown (3Y) | -64.2% | -91.9% |
| Market cap | – | $0.1B |
| P/E (trailing) | 24.7 | 43.0 |
| Dividend yield | 2.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAP | HLP |
|---|---|---|
| 2022 | -36.5% | – |
| 2023 | -57.6% | – |
| 2024 | -21.1% | -22.0% |
| 2025 | -15.0% | -20.6% |
| 2026 | +12.8% | +24.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAP and HLP good diversifiers for each other?
Yes. With a correlation of -0.22, AAP and HLP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AAP and HLP?
As of 2026-08-27, the correlation of weekly returns between AAP and HLP is -0.22 over 3 years, -0.21 over 1 year and n/a over 5 years.
Is HLP a good diversifier for AAP?
Yes. With a correlation of -0.22, AAP and HLP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/aap-vs-hlp.json
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Related comparisons
Hubs: AAP correlations · HLP correlations
