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AWK vs HPE: Correlation

American Water Works (AWK) and Hewlett Packard Enterprise (HPE) 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

Correlation (3Y)
-0.22
negative
Correlation (1Y)
-0.33
last 12 months
Correlation (5Y)
-0.04
long-run
Ann. covariance
-195.5
%² · weekly, annualized

How correlated are AWK and HPE?

Over the past 3 years, AWK and HPE moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.22). Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -195.5 %².

By 3-year correlation, HPE places #34 of the 49 assets tracked against AWK. Their recent paths diverged sharply: over the last 12 months HPE outperformed by 147.4 percentage points (-3.0% for AWK against +144.4% for HPE). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.42 to 0.43. Risk is not evenly split, since HPE carries 2.1 times the volatility of the other side.

+1.0+0.50-0.5-1.020232026-08-27
One-year correlation, rolled weekly across the last three years.
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.

AWK vs HPE: side by side

AWK (American Water Works)HPE (Hewlett Packard Enterprise)
1-year return-3.0%+144.4%
5-year return-16.6%+309.3%
Volatility (ann.)20.7%43.8%
Beta vs S&P 500-0.111.47
Max drawdown (3Y)-18.8%-48.4%
Market cap$27.2B$72.0B
P/E (trailing)23.751.3
Dividend yield2.46%0.99%
Sector / categoryUtilitiesInformation Technology
Lower P/E: AWK 23.7 vs 51.3Higher yield: AWK 2.46% vs 0.99%Smaller drawdown: AWK -18.8% vs -48.4%Higher 5y return: HPE +309.3% vs -16.6%
-13%0%+155%2025-09-052026-08-27
Both assets over the last year, indexed to 100 at the starting week. ■ AWK · ■ HPE

Year-by-year returns

YearAWKHPE
2022-17.9%+4.5%
2023-11.7%+9.7%
2024-3.5%+29.1%
2025+7.4%+15.5%
2026+6.9%+128.6%

Calendar-year price returns; the current year is year-to-date as of the data date above.

Are AWK and HPE good diversifiers for each other?

By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.

FAQ

What is the correlation between AWK and HPE?

As of 2026-08-27, the correlation of weekly returns between AWK and HPE is -0.22 over 3 years, -0.33 over 1 year and -0.04 over 5 years.

Is HPE a good diversifier for AWK?

By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.

What does a correlation of -0.22 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

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AWK vs HPE: 3-year weekly correlation -0.22AWK vs HPE-0.22

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Hubs: AWK correlations · HPE correlations