HP vs SLB: Correlation
Helmerich & Payne, Inc. (HP) and Schlumberger (SLB) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and SLB?
Over the past 3 years, HP and SLB moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 1073.2 %².
By 3-year correlation, SLB places #7 of the 18 assets tracked against HP. Correlation aside, the last 12 months split them widely, with HP ahead by 63.7 points (+120.8% versus +57.1%).
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 SLB: side by side
| HP (Helmerich & Payne, Inc.) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +120.8% | +57.1% |
| 5-year return | +92.0% | +117.1% |
| Volatility (ann.) | 44.3% | 35.1% |
| Beta vs S&P 500 | 0.76 | 0.57 |
| Max drawdown (3Y) | -64.4% | -46.6% |
| Market cap | $4.2B | $81.6B |
| P/E (trailing) | – | 26.2 |
| Dividend yield | 2.42% | 2.16% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | HP | SLB |
|---|---|---|
| 2022 | +115.2% | +81.2% |
| 2023 | -23.2% | -0.8% |
| 2024 | -7.8% | -24.5% |
| 2025 | -6.3% | +3.3% |
| 2026 | +50.8% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and SLB good diversifiers for each other?
Only partially. A correlation of 0.69 means HP and SLB 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 SLB?
The HP/SLB correlation stands at 0.69 on a 3-year window (1 year: 0.59, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is SLB a good diversifier for HP?
Only partially. A correlation of 0.69 means HP and SLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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 · SLB correlations
