AES vs HQY: Correlation
AES Corporation (AES) and HealthEquity, Inc. (HQY) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and HQY?
Over the past 3 years, AES and HQY moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.18 over 3. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -244.2 %².
Within AES's tracked universe of 31 assets, HQY comes in at #23 by 3-year correlation. Over the last 12 months AES came out ahead by 9.8 percentage points (+15.9% against +6.1%).
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.
AES vs HQY: side by side
| AES (AES Corporation) | HQY (HealthEquity, Inc.) | |
|---|---|---|
| 1-year return | +15.9% | +6.1% |
| 5-year return | -25.1% | +45.4% |
| Volatility (ann.) | 40.5% | 32.9% |
| Beta vs S&P 500 | 0.86 | 0.63 |
| Max drawdown (3Y) | -53.3% | -36.1% |
| Market cap | $10.5B | $7.7B |
| P/E (trailing) | 5.5 | 39.1 |
| Dividend yield | 4.78% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AES | HQY |
|---|---|---|
| 2022 | +21.7% | +39.3% |
| 2023 | -30.9% | +7.6% |
| 2024 | -30.4% | +44.7% |
| 2025 | +18.3% | -4.5% |
| 2026 | +6.6% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and HQY good diversifiers for each other?
Yes. With a correlation of -0.18, AES and HQY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AES and HQY?
The AES/HQY correlation stands at -0.18 on a 3-year window (1 year: -0.25, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is HQY a good diversifier for AES?
Yes. With a correlation of -0.18, AES and HQY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aes-vs-hqy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aes-vs-hqy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AES correlations · HQY correlations
