HE vs SERV: Correlation
Measured on weekly returns over the past three years, Hawaiian Electric Industries, Inc. (HE) and Serve Robotics Inc. (SERV) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and SERV?
On 3 years of weekly data the HE/SERV correlation comes out at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.59). The 5-year figure is n/a, and annualized covariance runs at 6616.9 %².
In HE's tracked universe of 18 assets, SERV sits right near the top at #1. The last year tells two different stories: HE led by 48.9 percentage points, -9.1% for HE against -58.0% for SERV. One caveat on sizing: SERV is 3.2 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.
HE vs SERV: side by side
| HE (Hawaiian Electric Industries, Inc.) | SERV (Serve Robotics Inc.) | |
|---|---|---|
| 1-year return | -9.1% | -58.0% |
| 5-year return | -71.4% | n/a |
| Volatility (ann.) | 58.8% | 186.9% |
| Beta vs S&P 500 | 0.09 | 1.18 |
| Max drawdown (3Y) | -53.3% | -92.4% |
| Market cap | $2.0B | $0.4B |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | SERV |
|---|---|---|
| 2022 | +4.3% | – |
| 2023 | -64.6% | – |
| 2024 | -31.4% | – |
| 2025 | +26.4% | -23.1% |
| 2026 | -6.8% | -53.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and SERV good diversifiers for each other?
To a limited degree. At 0.59 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 HE and SERV?
The HE/SERV correlation stands at 0.59 on a 3-year window (1 year: 0.14, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SERV a good diversifier for HE?
To a limited degree. At 0.59 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 0.59 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 · SERV correlations
