HP vs KLXE: Correlation
How closely do Helmerich & Payne, Inc. (HP) and KLX Energy Services Holdings, Inc. (KLXE) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and KLXE?
On 3 years of weekly data the HP/KLXE correlation comes out at 0.56, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.56). The 5-year figure is 0.58, and annualized covariance runs at 2123.3 %².
Among the 18 assets we track against HP, KLXE ranks #11 by 3-year correlation. The last year tells two different stories: HP led by 143.1 percentage points, +120.8% for HP against -22.3% for KLXE. One caveat on sizing: KLXE is 1.9 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.
HP vs KLXE: side by side
| HP (Helmerich & Payne, Inc.) | KLXE (KLX Energy Services Holdings, Inc.) | |
|---|---|---|
| 1-year return | +120.8% | -22.3% |
| 5-year return | +92.0% | -76.5% |
| Volatility (ann.) | 44.3% | 84.9% |
| Beta vs S&P 500 | 0.76 | 0.89 |
| Max drawdown (3Y) | -64.4% | -88.0% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | KLXE |
|---|---|---|
| 2022 | +115.2% | +458.4% |
| 2023 | -23.2% | -35.0% |
| 2024 | -7.8% | -55.8% |
| 2025 | -6.3% | -62.0% |
| 2026 | +50.8% | -20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and KLXE good diversifiers for each other?
Only partially. A correlation of 0.56 means HP and KLXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HP and KLXE?
The HP/KLXE correlation stands at 0.56 on a 3-year window (1 year: 0.32, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is KLXE a good diversifier for HP?
Only partially. A correlation of 0.56 means HP and KLXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hp-vs-klxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hp-vs-klxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HP correlations · KLXE correlations
