HP vs NBR: Correlation
Measured on weekly returns over the past three years, Helmerich & Payne, Inc. (HP) and Nabors Industries Ltd. (NBR) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and NBR?
Across a 3-year window, the weekly returns of HP and NBR correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.71 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.82, with an annualized covariance of 2306.2 %².
Few assets follow HP as closely as NBR, which ranks #1 of 18 tracked partners. Correlation aside, the last 12 months split them widely, with NBR ahead by 32.5 points (+120.8% versus +153.3%).
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 NBR: side by side
| HP (Helmerich & Payne, Inc.) | NBR (Nabors Industries Ltd.) | |
|---|---|---|
| 1-year return | +120.8% | +153.3% |
| 5-year return | +92.0% | +10.3% |
| Volatility (ann.) | 44.3% | 65.2% |
| Beta vs S&P 500 | 0.76 | 0.88 |
| Max drawdown (3Y) | -64.4% | -82.2% |
| Market cap | $4.2B | $1.4B |
| P/E (trailing) | – | 5.9 |
| Dividend yield | 2.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | NBR |
|---|---|---|
| 2022 | +115.2% | +91.0% |
| 2023 | -23.2% | -47.3% |
| 2024 | -7.8% | -30.0% |
| 2025 | -6.3% | -5.0% |
| 2026 | +50.8% | +68.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and NBR good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HP and NBR?
As of 2026-08-27, the correlation of weekly returns between HP and NBR is 0.80 over 3 years, 0.71 over 1 year and 0.82 over 5 years.
Is NBR a good diversifier for HP?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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-nbr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hp-vs-nbr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HP correlations · NBR correlations
