FLEX vs HPE: Correlation
How closely do Flex Ltd. (FLEX) and Hewlett Packard Enterprise (HPE) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and HPE?
Over the past 3 years, FLEX and HPE moved with a correlation of 0.50, which is moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.50). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 1112.5 %².
Among the 45 assets we track against FLEX, HPE ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HPE outperformed by 29.8 percentage points (+114.6% for FLEX against +144.4% for HPE). On a rolling one-year basis the correlation drifted between 0.32 and 0.76, a moderate band.
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.
FLEX vs HPE: side by side
| FLEX (Flex Ltd.) | HPE (Hewlett Packard Enterprise) | |
|---|---|---|
| 1-year return | +114.6% | +144.4% |
| 5-year return | +716.5% | +309.3% |
| Volatility (ann.) | 50.9% | 43.8% |
| Beta vs S&P 500 | 1.70 | 1.47 |
| Max drawdown (3Y) | -40.0% | -48.4% |
| Market cap | $42.6B | $72.0B |
| P/E (trailing) | 43.2 | 51.3 |
| Dividend yield | 0.00% | 0.99% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FLEX | HPE |
|---|---|---|
| 2022 | +17.1% | +4.5% |
| 2023 | +41.9% | +9.7% |
| 2024 | +67.2% | +29.1% |
| 2025 | +57.4% | +15.5% |
| 2026 | +90.8% | +128.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and HPE good diversifiers for each other?
To a limited degree. At 0.50 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 FLEX and HPE?
The FLEX/HPE correlation stands at 0.50 on a 3-year window (1 year: 0.39, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is HPE a good diversifier for FLEX?
To a limited degree. At 0.50 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 0.50 mean?
A reading of 0.50 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/flex-vs-hpe.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flex-vs-hpe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLEX correlations · HPE correlations
