ED vs HPE: Correlation
How closely do Consolidated Edison (ED) and Hewlett Packard Enterprise (HPE) 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 ED and HPE?
On 3 years of weekly data the ED/HPE correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is -0.05, and annualized covariance runs at -153.9 %².
Within ED's tracked universe of 105 assets, HPE comes in at #56 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HPE ahead by 134.2 points (+10.2% versus +144.4%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.40 to 0.13. Note the risk asymmetry: HPE runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ED vs HPE: side by side
| ED (Consolidated Edison) | HPE (Hewlett Packard Enterprise) | |
|---|---|---|
| 1-year return | +10.2% | +144.4% |
| 5-year return | +67.5% | +309.3% |
| Volatility (ann.) | 16.5% | 43.8% |
| Beta vs S&P 500 | -0.21 | 1.47 |
| Max drawdown (3Y) | -17.4% | -48.4% |
| Market cap | $39.5B | $72.0B |
| P/E (trailing) | 17.5 | 51.3 |
| Dividend yield | 3.22% | 0.99% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | HPE |
|---|---|---|
| 2022 | +15.7% | +4.5% |
| 2023 | -1.1% | +9.7% |
| 2024 | +1.5% | +29.1% |
| 2025 | +15.1% | +15.5% |
| 2026 | +10.1% | +128.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and HPE good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and HPE?
The ED/HPE correlation stands at -0.21 on a 3-year window (1 year: -0.24, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is HPE a good diversifier for ED?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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.
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Related comparisons
Hubs: ED correlations · HPE correlations
