GPK vs HBB: Correlation
Measured on weekly returns over the past three years, Graphic Packaging Holding Company (GPK) and Hamilton Beach Brands Holding Company (HBB) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPK and HBB?
Across a 3-year window, the weekly returns of GPK and HBB correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 806.7 %².
By 3-year correlation, HBB places #6 of the 13 assets tracked against GPK. Their recent paths diverged sharply: over the last 12 months HBB outperformed by 179.2 percentage points (-47.7% for GPK against +131.5% for HBB). Note the risk asymmetry: HBB runs 1.8 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.
GPK vs HBB: side by side
| GPK (Graphic Packaging Holding Company) | HBB (Hamilton Beach Brands Holding Company) | |
|---|---|---|
| 1-year return | -47.7% | +131.5% |
| 5-year return | -39.0% | +119.7% |
| Volatility (ann.) | 30.7% | 55.5% |
| Beta vs S&P 500 | 0.71 | 0.87 |
| Max drawdown (3Y) | -69.7% | -57.7% |
| Market cap | $3.4B | $0.4B |
| P/E (trailing) | 17.7 | 7.6 |
| Dividend yield | 3.84% | 1.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPK | HBB |
|---|---|---|
| 2022 | +15.9% | -10.9% |
| 2023 | +12.7% | +46.4% |
| 2024 | +11.7% | -1.6% |
| 2025 | -43.3% | +0.5% |
| 2026 | -23.1% | +99.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPK and HBB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GPK and HBB?
As of 2026-08-27, the correlation of weekly returns between GPK and HBB is 0.47 over 3 years, 0.57 over 1 year and 0.37 over 5 years.
Is HBB a good diversifier for GPK?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/gpk-vs-hbb.json
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[](https://www.pairbook.io/pair/gpk-vs-hbb/)
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Related comparisons
Hubs: GPK correlations · HBB correlations
