HPK vs OXY: Correlation
Measured on weekly returns over the past three years, HighPeak Energy, Inc. (HPK) and Occidental Petroleum (OXY) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPK and OXY?
Across a 3-year window, the weekly returns of HPK and OXY correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 1133.1 %².
By 3-year correlation, OXY places #5 of the 13 assets tracked against HPK. Correlation aside, the last 12 months split them widely, with OXY ahead by 21.7 points (+7.2% versus +28.9%). Note the risk asymmetry: HPK runs 1.8 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.
HPK vs OXY: side by side
| HPK (HighPeak Energy, Inc.) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +7.2% | +28.9% |
| 5-year return | -11.4% | +150.8% |
| Volatility (ann.) | 55.8% | 30.6% |
| Beta vs S&P 500 | 0.31 | 0.13 |
| Max drawdown (3Y) | -77.8% | -46.9% |
| Market cap | $1.0B | $59.1B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 1.03% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | HPK | OXY |
|---|---|---|
| 2022 | +56.9% | +119.1% |
| 2023 | -37.4% | -4.1% |
| 2024 | +4.3% | -15.9% |
| 2025 | -67.2% | -14.9% |
| 2026 | +68.8% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPK and OXY good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPK and OXY?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.65 over the last year and 0.45 over 5 years.
Is OXY a good diversifier for HPK?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 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: HPK correlations · OXY correlations
