HE vs VST: Correlation
Hawaiian Electric Industries, Inc. (HE) and Vistra Corp. (VST) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and VST?
Across a 3-year window, the weekly returns of HE and VST correlate at -0.16, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.14 versus -0.16 over 3 years. Stretching to 5 years gives -0.05, with an annualized covariance of -508.3 %².
Among the 18 assets we track against HE, VST sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months HE outperformed by 18.7 percentage points (-9.1% for HE against -27.8% for VST).
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 VST: side by side
| HE (Hawaiian Electric Industries, Inc.) | VST (Vistra Corp.) | |
|---|---|---|
| 1-year return | -9.1% | -27.8% |
| 5-year return | -71.4% | +713.7% |
| Volatility (ann.) | 58.8% | 52.8% |
| Beta vs S&P 500 | 0.09 | 1.62 |
| Max drawdown (3Y) | -53.3% | -48.8% |
| Market cap | $2.0B | $46.9B |
| P/E (trailing) | 8.9 | 23.6 |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | HE | VST |
|---|---|---|
| 2022 | +4.3% | +5.1% |
| 2023 | -64.6% | +70.7% |
| 2024 | -31.4% | +261.5% |
| 2025 | +26.4% | +17.7% |
| 2026 | -6.8% | -13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and VST good diversifiers for each other?
Yes. With a correlation of -0.16, HE and VST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HE and VST?
As of 2026-08-27, the correlation of weekly returns between HE and VST is -0.16 over 3 years, 0.14 over 1 year and -0.05 over 5 years.
Is VST a good diversifier for HE?
Yes. With a correlation of -0.16, HE and VST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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 · VST correlations
