HPE vs MS: Correlation
How closely do Hewlett Packard Enterprise (HPE) and Morgan Stanley (MS) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and MS?
Over the past 3 years, HPE and MS moved with a correlation of 0.49, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.49). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 607.4 %².
Among the 28 assets we track against HPE, MS ranks #12 by 3-year correlation. The last year tells two different stories: HPE led by 97.3 percentage points, +144.4% for HPE against +47.1% for MS. Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.70. Note the risk asymmetry: HPE runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MS: side by side
| HPE (Hewlett Packard Enterprise) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | +144.4% | +47.1% |
| 5-year return | +309.3% | +142.0% |
| Volatility (ann.) | 43.8% | 28.3% |
| Beta vs S&P 500 | 1.47 | 1.43 |
| Max drawdown (3Y) | -48.4% | -29.2% |
| Market cap | $72.0B | $337.5B |
| P/E (trailing) | 51.3 | 17.4 |
| Dividend yield | 0.99% | 1.94% |
| Sector / category | Information Technology | Financials |
Year-by-year returns
| Year | HPE | MS |
|---|---|---|
| 2022 | +4.5% | -10.3% |
| 2023 | +9.7% | +13.9% |
| 2024 | +29.1% | +39.7% |
| 2025 | +15.5% | +45.2% |
| 2026 | +128.6% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPE and MS good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HPE and MS?
As of 2026-08-27, the correlation of weekly returns between HPE and MS is 0.49 over 3 years, 0.35 over 1 year and 0.47 over 5 years.
Is MS a good diversifier for HPE?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpe-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HPE correlations · MS correlations
