HE vs SHIM: Correlation
Hawaiian Electric Industries, Inc. (HE) and Shimmick Corporation (SHIM) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and SHIM?
On 3 years of weekly data the HE/SHIM correlation comes out at 0.54, moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.54). The 5-year figure is n/a, and annualized covariance runs at 3786.7 %².
Few assets follow HE as closely as SHIM, which ranks #3 of 18 tracked partners. Correlation aside, the last 12 months split them widely, with SHIM ahead by 30.4 points (-9.1% versus +21.3%). Risk is not evenly split, since SHIM carries 2.1 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 SHIM: side by side
| HE (Hawaiian Electric Industries, Inc.) | SHIM (Shimmick Corporation) | |
|---|---|---|
| 1-year return | -9.1% | +21.3% |
| 5-year return | -71.4% | n/a |
| Volatility (ann.) | 58.8% | 120.7% |
| Beta vs S&P 500 | 0.09 | 1.54 |
| Max drawdown (3Y) | -53.3% | -82.2% |
| Market cap | $2.0B | $0.2B |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | SHIM |
|---|---|---|
| 2022 | +4.3% | – |
| 2023 | -64.6% | – |
| 2024 | -31.4% | -60.8% |
| 2025 | +26.4% | +12.7% |
| 2026 | -6.8% | +36.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and SHIM good diversifiers for each other?
To a limited degree. At 0.54 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 SHIM?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.39 over the last year and n/a over 5 years.
Is SHIM a good diversifier for HE?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HE correlations · SHIM correlations
