HPE vs IVV: Correlation
How closely do Hewlett Packard Enterprise (HPE) and iShares Core S&P 500 ETF (IVV) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and IVV?
Over the past 3 years, HPE and IVV moved with a correlation of 0.48, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.48). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 308.0 %².
Within HPE's tracked universe of 28 assets, IVV comes in at #14 by 3-year correlation. The last year tells two different stories: HPE led by 123.7 percentage points, +144.4% for HPE against +20.7% for IVV. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.20 to 0.71. One caveat on sizing: HPE is 3.0 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.
HPE vs IVV: side by side
| HPE (Hewlett Packard Enterprise) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +144.4% | +20.7% |
| 5-year return | +309.3% | +83.0% |
| Volatility (ann.) | 43.8% | 14.5% |
| Beta vs S&P 500 | 1.47 | 1.00 |
| Max drawdown (3Y) | -48.4% | -18.8% |
| Market cap | $72.0B | – |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.99% | 1.09% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $869.2B |
| Sector / category | Information Technology | ETF · US Large Cap |
IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | HPE | IVV |
|---|---|---|
| 2022 | +4.5% | -18.2% |
| 2023 | +9.7% | +26.3% |
| 2024 | +29.1% | +24.9% |
| 2025 | +15.5% | +17.8% |
| 2026 | +128.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HPE represents 0.11% of IVV's portfolio, so part of any move in IVV is HPE itself, and the correlation between them is partly mechanical.
Are HPE and IVV good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HPE and IVV?
As of 2026-08-27, the correlation of weekly returns between HPE and IVV is 0.48 over 3 years, 0.26 over 1 year and 0.51 over 5 years.
Is IVV a good diversifier for HPE?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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/hpe-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hpe-vs-ivv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HPE correlations · IVV correlations
