HP vs SPY: Correlation
Measured on weekly returns over the past three years, Helmerich & Payne, Inc. (HP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and SPY?
On 3 years of weekly data the HP/SPY correlation comes out at 0.25, weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.25). The 5-year figure is 0.35, and annualized covariance runs at 157.9 %².
Out of 18 assets tracked against HP, SPY lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months HP outperformed by 100.2 percentage points (+120.8% for HP against +20.6% for SPY). Risk is not evenly split, since HP carries 3.1 times the volatility of the other side.
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 SPY: side by side
| HP (Helmerich & Payne, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +120.8% | +20.6% |
| 5-year return | +92.0% | +82.4% |
| Volatility (ann.) | 44.3% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -64.4% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HP | SPY |
|---|---|---|
| 2022 | +115.2% | -18.2% |
| 2023 | -23.2% | +26.2% |
| 2024 | -7.8% | +24.9% |
| 2025 | -6.3% | +17.7% |
| 2026 | +50.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HP and SPY?
As of 2026-08-27, the correlation of weekly returns between HP and SPY is 0.25 over 3 years, 0.08 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for HP?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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.
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Related comparisons
Hubs: HP correlations · SPY correlations
