ED vs HPQ: Correlation
Consolidated Edison (ED) and HP Inc. (HPQ) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and HPQ?
Across a 3-year window, the weekly returns of ED and HPQ correlate at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.03, with an annualized covariance of -94.3 %².
By 3-year correlation, HPQ places #31 of the 105 assets tracked against ED. Twelve-month performance is nearly a tie, at +10.2% for ED and +14.9% for HPQ. The relationship is regime-dependent: the rolling one-year correlation swung between -0.44 and 0.22 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since HPQ carries 2.1 times the volatility of the other side.
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 HPQ: side by side
| ED (Consolidated Edison) | HPQ (HP Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +14.9% |
| 5-year return | +67.5% | +19.9% |
| Volatility (ann.) | 16.5% | 34.2% |
| Beta vs S&P 500 | -0.21 | 1.15 |
| Max drawdown (3Y) | -17.4% | -51.2% |
| Market cap | $39.5B | $26.7B |
| P/E (trailing) | 17.5 | 11.3 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | HPQ |
|---|---|---|
| 2022 | +15.7% | -26.4% |
| 2023 | -1.1% | +16.1% |
| 2024 | +1.5% | +12.1% |
| 2025 | +15.1% | -28.7% |
| 2026 | +10.1% | +36.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and HPQ good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ED and HPQ?
As of 2026-08-27, the correlation of weekly returns between ED and HPQ is -0.17 over 3 years, -0.23 over 1 year and 0.03 over 5 years.
Is HPQ a good diversifier for ED?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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/ed-vs-hpq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-hpq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · HPQ correlations
