HP vs PTEN: Correlation
Helmerich & Payne, Inc. (HP) and Patterson-UTI Energy, Inc. (PTEN) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and PTEN?
On 3 years of weekly data the HP/PTEN correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 1597.1 %².
PTEN is one of the assets that tracks HP most closely: it ranks #3 out of the 18 assets we track against HP. Their 12-month results are close: +120.8% for HP against +125.4% for PTEN.
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 PTEN: side by side
| HP (Helmerich & Payne, Inc.) | PTEN (Patterson-UTI Energy, Inc.) | |
|---|---|---|
| 1-year return | +120.8% | +125.4% |
| 5-year return | +92.0% | +84.8% |
| Volatility (ann.) | 44.3% | 48.6% |
| Beta vs S&P 500 | 0.76 | 0.60 |
| Max drawdown (3Y) | -64.4% | -64.6% |
| Market cap | $4.2B | $4.7B |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | 3.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | PTEN |
|---|---|---|
| 2022 | +115.2% | +101.7% |
| 2023 | -23.2% | -34.2% |
| 2024 | -7.8% | -21.0% |
| 2025 | -6.3% | -22.1% |
| 2026 | +50.8% | +104.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and PTEN good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HP and PTEN?
The HP/PTEN correlation stands at 0.74 on a 3-year window (1 year: 0.75, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is PTEN a good diversifier for HP?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HP correlations · PTEN correlations
