HLX vs INVX: Correlation
Helix Energy Solutions Group, Inc. (HLX) and Innovex International, Inc. (INVX) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and INVX?
Over the past 3 years, HLX and INVX moved with a correlation of 0.68, which is strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 1222.8 %².
Within HLX's tracked universe of 21 assets, INVX comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months INVX outperformed by 22.2 percentage points (+57.1% for HLX against +79.3% for INVX).
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.
HLX vs INVX: side by side
| HLX (Helix Energy Solutions Group, Inc.) | INVX (Innovex International, Inc.) | |
|---|---|---|
| 1-year return | +57.1% | +79.3% |
| 5-year return | +165.6% | +21.9% |
| Volatility (ann.) | 42.5% | 42.3% |
| Beta vs S&P 500 | 0.65 | 0.83 |
| Max drawdown (3Y) | -55.5% | -58.9% |
| Market cap | – | $2.1B |
| P/E (trailing) | 40.5 | 31.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | INVX |
|---|---|---|
| 2022 | +136.5% | +38.1% |
| 2023 | +39.3% | -14.4% |
| 2024 | -9.3% | -40.0% |
| 2025 | -32.7% | +56.5% |
| 2026 | +61.4% | +36.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and INVX good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HLX and INVX?
The HLX/INVX correlation stands at 0.68 on a 3-year window (1 year: 0.68, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is INVX a good diversifier for HLX?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlx-vs-invx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hlx-vs-invx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HLX correlations · INVX correlations
