HE vs SDST: Correlation
How closely do Hawaiian Electric Industries, Inc. (HE) and Stardust Power Inc. (SDST) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and SDST?
Over the past 3 years, HE and SDST moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 2814.8 %².
Among the 18 assets we track against HE, SDST ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HE outperformed by 81.6 percentage points (-9.1% for HE against -90.7% for SDST). Risk is not evenly split, since SDST carries 2.2 times the volatility of the other side.
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 SDST: side by side
| HE (Hawaiian Electric Industries, Inc.) | SDST (Stardust Power Inc.) | |
|---|---|---|
| 1-year return | -9.1% | -90.7% |
| 5-year return | -71.4% | -99.6% |
| Volatility (ann.) | 58.8% | 130.1% |
| Beta vs S&P 500 | 0.09 | 1.23 |
| Max drawdown (3Y) | -53.3% | -99.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | SDST |
|---|---|---|
| 2022 | +4.3% | +4.1% |
| 2023 | -64.6% | +9.5% |
| 2024 | -31.4% | -67.7% |
| 2025 | +26.4% | -91.5% |
| 2026 | -6.8% | -87.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and SDST good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HE and SDST?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.22 over the last year and 0.27 over 5 years.
Is SDST a good diversifier for HE?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
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Related comparisons
Hubs: HE correlations · SDST correlations
