HPE vs VOO: Correlation
Measured on weekly returns over the past three years, Hewlett Packard Enterprise (HPE) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and VOO?
On 3 years of weekly data the HPE/VOO correlation comes out at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.49). The 5-year figure is 0.51, and annualized covariance runs at 305.7 %².
Among the 28 assets we track against HPE, VOO ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HPE outperformed by 123.8 percentage points (+144.4% for HPE against +20.6% for VOO). The relationship is regime-dependent: the rolling one-year correlation swung between 0.21 and 0.71 over the past three years, so this pair behaves very differently depending on the market environment. 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 VOO: side by side
| HPE (Hewlett Packard Enterprise) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +144.4% | +20.6% |
| 5-year return | +309.3% | +83.0% |
| Volatility (ann.) | 43.8% | 14.4% |
| Beta vs S&P 500 | 1.47 | 0.99 |
| Max drawdown (3Y) | -48.4% | -18.7% |
| Market cap | $72.0B | – |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.99% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | Information Technology | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | HPE | VOO |
|---|---|---|
| 2022 | +4.5% | -18.2% |
| 2023 | +9.7% | +26.3% |
| 2024 | +29.1% | +25.0% |
| 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 0.1% of VOO's portfolio, so part of any move in VOO is HPE itself, and the correlation between them is partly mechanical.
Are HPE and VOO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HPE and VOO?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.26 over the last year and 0.51 over 5 years.
Is VOO a good diversifier for HPE?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HPE correlations · VOO correlations
