DJP vs HD: Correlation
iPath Bloomberg Commodity Index Total Return ETN (DJP) and Home Depot (The) (HD) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and HD?
On 3 years of weekly data the DJP/HD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.23). The 5-year figure is -0.10, and annualized covariance runs at -87.9 %².
Among the 42 assets we track against DJP, HD ranks #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DJP ahead by 66.6 points (+49.2% versus -17.4%).
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.
DJP vs HD: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | HD (Home Depot (The)) | |
|---|---|---|
| 1-year return | +49.2% | -17.4% |
| 5-year return | +82.1% | +13.8% |
| Volatility (ann.) | 16.3% | 23.6% |
| Beta vs S&P 500 | 0.11 | 0.87 |
| Max drawdown (3Y) | -16.4% | -28.8% |
| Market cap | – | $327.9B |
| P/E (trailing) | – | 23.4 |
| Dividend yield | – | 1.38% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | DJP | HD |
|---|---|---|
| 2022 | +17.5% | -22.0% |
| 2023 | -9.8% | +12.8% |
| 2024 | +5.6% | +15.0% |
| 2025 | +17.2% | -9.3% |
| 2026 | +34.7% | -3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and HD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DJP and HD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.34 over the last year and -0.10 over 5 years.
Is HD a good diversifier for DJP?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/djp-vs-hd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/djp-vs-hd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DJP correlations · HD correlations
