HDB vs PHUN: Correlation
HDFC Bank Limited (HDB) and Phunware, Inc. (PHUN) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDB and PHUN?
Over the past 3 years, HDB and PHUN moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.26). Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -1076.0 %².
Among the 11 assets we track against HDB, PHUN sits near the bottom by co-movement, at rank #9. The last year tells two different stories: PHUN led by 17.8 percentage points, -37.9% for HDB against -20.1% for PHUN. One caveat on sizing: PHUN is 6.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HDB vs PHUN: side by side
| HDB (HDFC Bank Limited) | PHUN (Phunware, Inc.) | |
|---|---|---|
| 1-year return | -37.9% | -20.1% |
| 5-year return | -38.6% | -96.0% |
| Volatility (ann.) | 25.1% | 162.6% |
| Beta vs S&P 500 | 0.44 | 1.61 |
| Max drawdown (3Y) | -42.4% | -92.6% |
| Market cap | $115.4B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 56.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDB | PHUN |
|---|---|---|
| 2022 | +7.4% | -70.6% |
| 2023 | +0.2% | -89.4% |
| 2024 | -3.7% | +26.8% |
| 2025 | +15.9% | -64.4% |
| 2026 | -38.5% | +14.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDB and PHUN good diversifiers for each other?
Yes. With a correlation of -0.26, HDB and PHUN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HDB and PHUN?
The HDB/PHUN correlation stands at -0.26 on a 3-year window (1 year: -0.05, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is PHUN a good diversifier for HDB?
Yes. With a correlation of -0.26, HDB and PHUN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/hdb-vs-phun.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hdb-vs-phun/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HDB correlations · PHUN correlations
