ALHC vs HPQ: Correlation
How closely do Alignment Healthcare, Inc. (ALHC) and HP Inc. (HPQ) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALHC and HPQ?
Across a 3-year window, the weekly returns of ALHC and HPQ correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.29) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.07, with an annualized covariance of -342.8 %².
Within ALHC's tracked universe of 15 assets, HPQ comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HPQ outperformed by 30.9 percentage points (-16.0% for ALHC against +14.9% for HPQ). One caveat on sizing: ALHC is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALHC vs HPQ: side by side
| ALHC (Alignment Healthcare, Inc.) | HPQ (HP Inc.) | |
|---|---|---|
| 1-year return | -16.0% | +14.9% |
| 5-year return | -25.5% | +19.9% |
| Volatility (ann.) | 59.1% | 34.2% |
| Beta vs S&P 500 | 0.29 | 1.15 |
| Max drawdown (3Y) | -50.3% | -51.2% |
| Market cap | $2.8B | $26.7B |
| P/E (trailing) | 75.3 | 11.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ALHC | HPQ |
|---|---|---|
| 2022 | -16.4% | -26.4% |
| 2023 | -26.8% | +16.1% |
| 2024 | +30.7% | +12.1% |
| 2025 | +75.6% | -28.7% |
| 2026 | -31.3% | +36.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALHC and HPQ good diversifiers for each other?
Yes. With a correlation of -0.17, ALHC and HPQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALHC and HPQ?
As of 2026-08-27, the correlation of weekly returns between ALHC and HPQ is -0.17 over 3 years, -0.29 over 1 year and -0.07 over 5 years.
Is HPQ a good diversifier for ALHC?
Yes. With a correlation of -0.17, ALHC and HPQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/alhc-vs-hpq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alhc-vs-hpq/)
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Related comparisons
Hubs: ALHC correlations · HPQ correlations
