ATMP vs HESM: Correlation
iPath Select MLP ETN (ATMP) and Hess Midstream LP Class A Representing Limited Partner (HESM) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATMP and HESM?
Over the past 3 years, ATMP and HESM moved with a correlation of 0.77, which is strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.77 over 3. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 285.8 %².
By 3-year correlation, HESM places #13 of the 37 assets tracked against ATMP. Correlation aside, the last 12 months split them widely, with ATMP ahead by 29.8 points (+34.4% versus +4.6%).
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.
ATMP vs HESM: side by side
| ATMP (iPath Select MLP ETN) | HESM (Hess Midstream LP Class A Representing Limited Partner) | |
|---|---|---|
| 1-year return | +34.4% | +4.6% |
| 5-year return | +216.1% | +131.3% |
| Volatility (ann.) | 17.0% | 21.7% |
| Beta vs S&P 500 | 0.28 | 0.36 |
| Max drawdown (3Y) | -15.6% | -25.8% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 0.00% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATMP | HESM |
|---|---|---|
| 2022 | +27.5% | +16.6% |
| 2023 | +21.6% | +14.4% |
| 2024 | +38.7% | +26.4% |
| 2025 | +7.0% | +0.6% |
| 2026 | +32.0% | +22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATMP and HESM good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ATMP and HESM?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.68 over the last year and 0.76 over 5 years.
Is HESM a good diversifier for ATMP?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 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/atmp-vs-hesm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/atmp-vs-hesm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ATMP correlations · HESM correlations
