HE vs VIRT: Correlation
Hawaiian Electric Industries, Inc. (HE) and Virtu Financial, Inc. (VIRT) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and VIRT?
Over the past 3 years, HE and VIRT moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 806.2 %².
Among the 18 assets we track against HE, VIRT ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VIRT outperformed by 69.6 percentage points (-9.1% for HE against +60.5% for VIRT). Risk is not evenly split, since HE carries 1.6 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 VIRT: side by side
| HE (Hawaiian Electric Industries, Inc.) | VIRT (Virtu Financial, Inc.) | |
|---|---|---|
| 1-year return | -9.1% | +60.5% |
| 5-year return | -71.4% | +221.4% |
| Volatility (ann.) | 58.8% | 36.1% |
| Beta vs S&P 500 | 0.09 | 0.38 |
| Max drawdown (3Y) | -53.3% | -27.8% |
| Market cap | $2.0B | $5.9B |
| P/E (trailing) | 8.9 | 11.1 |
| Dividend yield | 0.00% | 1.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | VIRT |
|---|---|---|
| 2022 | +4.3% | -26.5% |
| 2023 | -64.6% | +4.6% |
| 2024 | -31.4% | +83.0% |
| 2025 | +26.4% | -4.2% |
| 2026 | -6.8% | +103.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and VIRT good diversifiers for each other?
Reasonably. At 0.38, HE and VIRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HE and VIRT?
As of 2026-08-27, the correlation of weekly returns between HE and VIRT is 0.38 over 3 years, -0.08 over 1 year and 0.29 over 5 years.
Is VIRT a good diversifier for HE?
Reasonably. At 0.38, HE and VIRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/he-vs-virt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/he-vs-virt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HE correlations · VIRT correlations
