HPK vs SM: Correlation
HighPeak Energy, Inc. (HPK) and SM Energy Company (SM) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPK and SM?
Over the past 3 years, HPK and SM moved with a correlation of 0.69, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1847.6 %².
SM is one of the assets that tracks HPK most closely: it ranks #2 out of the 13 assets we track against HPK. Their recent paths diverged sharply: over the last 12 months SM outperformed by 28.9 percentage points (+7.2% for HPK against +36.1% for SM).
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 SM: side by side
| HPK (HighPeak Energy, Inc.) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +7.2% | +36.1% |
| 5-year return | -11.4% | +114.6% |
| Volatility (ann.) | 55.8% | 47.6% |
| Beta vs S&P 500 | 0.31 | 0.44 |
| Max drawdown (3Y) | -77.8% | -64.9% |
| Market cap | $1.0B | $8.8B |
| P/E (trailing) | – | 6.3 |
| Dividend yield | 1.03% | 2.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPK | SM |
|---|---|---|
| 2022 | +56.9% | +18.6% |
| 2023 | -37.4% | +13.1% |
| 2024 | +4.3% | +1.8% |
| 2025 | -67.2% | -49.7% |
| 2026 | +68.8% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPK and SM good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HPK and SM?
The HPK/SM correlation stands at 0.69 on a 3-year window (1 year: 0.66, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SM a good diversifier for HPK?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hpk-vs-sm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hpk-vs-sm/)
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Related comparisons
Hubs: HPK correlations · SM correlations
