HE vs LPLA: Correlation
How closely do Hawaiian Electric Industries, Inc. (HE) and LPL Financial Holdings Inc. (LPLA) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and LPLA?
Across a 3-year window, the weekly returns of HE and LPLA correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.12, with an annualized covariance of -543.3 %².
Among the 18 assets we track against HE, LPLA sits near the bottom by co-movement, at rank #17. Over the last 12 months LPLA came out ahead by 8.2 percentage points (-9.1% against -0.9%). Note the risk asymmetry: HE runs 1.7 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.
HE vs LPLA: side by side
| HE (Hawaiian Electric Industries, Inc.) | LPLA (LPL Financial Holdings Inc.) | |
|---|---|---|
| 1-year return | -9.1% | -0.9% |
| 5-year return | -71.4% | +149.0% |
| Volatility (ann.) | 58.8% | 34.6% |
| Beta vs S&P 500 | 0.09 | 0.97 |
| Max drawdown (3Y) | -53.3% | -33.2% |
| Market cap | $2.0B | $28.4B |
| P/E (trailing) | 8.9 | 28.8 |
| Dividend yield | 0.00% | 0.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | LPLA |
|---|---|---|
| 2022 | +4.3% | +35.7% |
| 2023 | -64.6% | +5.9% |
| 2024 | -31.4% | +44.1% |
| 2025 | +26.4% | +9.8% |
| 2026 | -6.8% | +1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and LPLA good diversifiers for each other?
Yes. With a correlation of -0.27, HE and LPLA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HE and LPLA?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.10 over the last year and -0.12 over 5 years.
Is LPLA a good diversifier for HE?
Yes. With a correlation of -0.27, HE and LPLA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HE correlations · LPLA correlations
