FET vs HP: Correlation
Measured on weekly returns over the past three years, Forum Energy Technologies, Inc. (FET) and Helmerich & Payne, Inc. (HP) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and HP?
Across a 3-year window, the weekly returns of FET and HP correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 1434.7 %².
Few assets follow FET as closely as HP, which ranks #1 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months FET outperformed by 91.9 percentage points (+212.7% for FET against +120.8% for HP).
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.
FET vs HP: side by side
| FET (Forum Energy Technologies, Inc.) | HP (Helmerich & Payne, Inc.) | |
|---|---|---|
| 1-year return | +212.7% | +120.8% |
| 5-year return | +307.0% | +92.0% |
| Volatility (ann.) | 49.1% | 44.3% |
| Beta vs S&P 500 | 0.80 | 0.76 |
| Max drawdown (3Y) | -47.1% | -64.4% |
| Market cap | $0.9B | $4.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | HP |
|---|---|---|
| 2022 | +83.8% | +115.2% |
| 2023 | -24.8% | -23.2% |
| 2024 | -30.1% | -7.8% |
| 2025 | +138.5% | -6.3% |
| 2026 | +115.9% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and HP good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FET and HP?
The FET/HP correlation stands at 0.66 on a 3-year window (1 year: 0.62, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is HP a good diversifier for FET?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
A reading of 0.66 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/fet-vs-hp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fet-vs-hp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FET correlations · HP correlations
