HP vs LBRT: Correlation
How closely do Helmerich & Payne, Inc. (HP) and Liberty Energy Inc. (LBRT) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and LBRT?
On 3 years of weekly data the HP/LBRT correlation comes out at 0.67, strong. The past 12 months show a weaker link (0.53) than the 3-year average (0.67). The 5-year figure is 0.73, and annualized covariance runs at 1668.6 %².
Within HP's tracked universe of 18 assets, LBRT comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HP outperformed by 46.9 percentage points (+120.8% for HP against +73.9% for LBRT).
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 LBRT: side by side
| HP (Helmerich & Payne, Inc.) | LBRT (Liberty Energy Inc.) | |
|---|---|---|
| 1-year return | +120.8% | +73.9% |
| 5-year return | +92.0% | +101.9% |
| Volatility (ann.) | 44.3% | 55.9% |
| Beta vs S&P 500 | 0.76 | 0.91 |
| Max drawdown (3Y) | -64.4% | -58.8% |
| Market cap | $4.2B | $3.1B |
| P/E (trailing) | – | 25.0 |
| Dividend yield | 2.42% | 1.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | LBRT |
|---|---|---|
| 2022 | +115.2% | +65.6% |
| 2023 | -23.2% | +14.8% |
| 2024 | -7.8% | +11.2% |
| 2025 | -6.3% | -4.9% |
| 2026 | +50.8% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and LBRT good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HP and LBRT?
The HP/LBRT correlation stands at 0.67 on a 3-year window (1 year: 0.53, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is LBRT a good diversifier for HP?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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-lbrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hp-vs-lbrt/)
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Related comparisons
Hubs: HP correlations · LBRT correlations
