EP vs HLP: Correlation
How closely do Empire Petroleum Corporation (EP) and Hongli Group Inc. - Class A (HLP) 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 EP and HLP?
On 3 years of weekly data the EP/HLP correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1749.1 %².
HLP is close to the least connected end of EP's tracked universe, ranking #8 of 10. The last year tells two different stories: HLP led by 122.6 percentage points, -32.9% for EP against +89.7% for HLP. Note the risk asymmetry: HLP runs 1.9 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.
EP vs HLP: side by side
| EP (Empire Petroleum Corporation) | HLP (Hongli Group Inc. - Class A) | |
|---|---|---|
| 1-year return | -32.9% | +89.7% |
| 5-year return | -46.4% | n/a |
| Volatility (ann.) | 67.0% | 127.2% |
| Beta vs S&P 500 | 1.00 | 0.02 |
| Max drawdown (3Y) | -77.9% | -91.9% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | 43.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EP | HLP |
|---|---|---|
| 2022 | +1.9% | – |
| 2023 | -10.7% | – |
| 2024 | -30.8% | -22.0% |
| 2025 | -60.0% | -20.6% |
| 2026 | +7.9% | +24.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EP and HLP good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EP and HLP?
As of 2026-08-27, the correlation of weekly returns between EP and HLP is -0.21 over 3 years, -0.25 over 1 year and n/a over 5 years.
Is HLP a good diversifier for EP?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ep-vs-hlp.json
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Related comparisons
Hubs: EP correlations · HLP correlations
