HP vs XLE: Correlation
Helmerich & Payne, Inc. (HP) and Energy Select Sector SPDR Fund (XLE) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and XLE?
Across a 3-year window, the weekly returns of HP and XLE correlate at 0.72, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 737.0 %².
By 3-year correlation, XLE places #4 of the 18 assets tracked against HP. The last year tells two different stories: HP led by 76.8 percentage points, +120.8% for HP against +44.0% for XLE. One caveat on sizing: HP is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XLE: side by side
| HP (Helmerich & Payne, Inc.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +120.8% | +44.0% |
| 5-year return | +92.0% | +206.7% |
| Volatility (ann.) | 44.3% | 23.1% |
| Beta vs S&P 500 | 0.76 | 0.27 |
| Max drawdown (3Y) | -64.4% | -20.1% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.42% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | HP | XLE |
|---|---|---|
| 2022 | +115.2% | +64.3% |
| 2023 | -23.2% | -0.6% |
| 2024 | -7.8% | +5.6% |
| 2025 | -6.3% | +7.9% |
| 2026 | +50.8% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and XLE good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HP and XLE?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.64 over the last year and 0.77 over 5 years.
Is XLE a good diversifier for HP?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 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-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hp-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HP correlations · XLE correlations
