DPZ vs HE: Correlation
How closely do Domino's (DPZ) and Hawaiian Electric Industries, Inc. (HE) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPZ and HE?
Across a 3-year window, the weekly returns of DPZ and HE correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.00 versus -0.21 over 3 years. Stretching to 5 years gives -0.03, with an annualized covariance of -347.6 %².
Within DPZ's tracked universe of 31 assets, HE comes in at #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HE ahead by 16.1 points (-25.2% versus -9.1%). One caveat on sizing: HE is 2.1 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.
DPZ vs HE: side by side
| DPZ (Domino's) | HE (Hawaiian Electric Industries, Inc.) | |
|---|---|---|
| 1-year return | -25.2% | -9.1% |
| 5-year return | -31.2% | -71.4% |
| Volatility (ann.) | 27.8% | 58.8% |
| Beta vs S&P 500 | 0.67 | 0.09 |
| Max drawdown (3Y) | -45.1% | -53.3% |
| Market cap | $11.0B | $2.0B |
| P/E (trailing) | 19.5 | 8.9 |
| Dividend yield | 2.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | DPZ | HE |
|---|---|---|
| 2022 | -37.9% | +4.3% |
| 2023 | +20.7% | -64.6% |
| 2024 | +3.2% | -31.4% |
| 2025 | +0.9% | +26.4% |
| 2026 | -19.4% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPZ and HE good diversifiers for each other?
Yes. With a correlation of -0.21, DPZ and HE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DPZ and HE?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with 0.00 over the last year and -0.03 over 5 years.
Is HE a good diversifier for DPZ?
Yes. With a correlation of -0.21, DPZ and HE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/dpz-vs-he.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dpz-vs-he/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DPZ correlations · HE correlations
