HPE vs NTAP: Correlation
How closely do Hewlett Packard Enterprise (HPE) and NetApp (NTAP) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and NTAP?
On 3 years of weekly data the HPE/NTAP correlation comes out at 0.60, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 986.1 %².
In HPE's tracked universe of 28 assets, NTAP sits right near the top at #1. Correlation aside, the last 12 months split them widely, with HPE ahead by 71.4 points (+144.4% versus +73.0%). Across three years, the rolling one-year figure varied moderately, from 0.29 to 0.73.
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 NTAP: side by side
| HPE (Hewlett Packard Enterprise) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | +144.4% | +73.0% |
| 5-year return | +309.3% | +141.7% |
| Volatility (ann.) | 43.8% | 37.6% |
| Beta vs S&P 500 | 1.47 | 1.38 |
| Max drawdown (3Y) | -48.4% | -42.6% |
| Market cap | $72.0B | $37.4B |
| P/E (trailing) | 51.3 | 30.5 |
| Dividend yield | 0.99% | 1.07% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | HPE | NTAP |
|---|---|---|
| 2022 | +4.5% | -32.9% |
| 2023 | +9.7% | +51.1% |
| 2024 | +29.1% | +34.2% |
| 2025 | +15.5% | -5.9% |
| 2026 | +128.6% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPE and NTAP good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPE and NTAP?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.65 over the last year and 0.62 over 5 years.
Is NTAP a good diversifier for HPE?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpe-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPE correlations · NTAP correlations
