HPE vs SPY: Correlation
Measured on weekly returns over the past three years, Hewlett Packard Enterprise (HPE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and SPY?
Across a 3-year window, the weekly returns of HPE and SPY correlate at 0.48, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.48). Stretching to 5 years gives 0.51, with an annualized covariance of 306.4 %².
Within HPE's tracked universe of 28 assets, SPY comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HPE ahead by 123.8 points (+144.4% versus +20.6%). The rolling one-year correlation moved between 0.21 and 0.70 over the past three years, a moderate range. Note the risk asymmetry: HPE runs 3.0 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 SPY: side by side
| HPE (Hewlett Packard Enterprise) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +144.4% | +20.6% |
| 5-year return | +309.3% | +82.4% |
| 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% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | HPE | SPY |
|---|---|---|
| 2022 | +4.5% | -18.2% |
| 2023 | +9.7% | +26.2% |
| 2024 | +29.1% | +24.9% |
| 2025 | +15.5% | +17.7% |
| 2026 | +128.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds HPE at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HPE and SPY good diversifiers for each other?
Reasonably. At 0.48, HPE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HPE and SPY?
As of 2026-08-27, the correlation of weekly returns between HPE and SPY is 0.48 over 3 years, 0.26 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for HPE?
Reasonably. At 0.48, HPE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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.
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Related comparisons
Hubs: HPE correlations · SPY correlations
