HPK vs SPY: Correlation
Measured on weekly returns over the past three years, HighPeak Energy, Inc. (HPK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPK and SPY?
On 3 years of weekly data the HPK/SPY correlation comes out at 0.08, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.23) than the 3-year average (0.08). The 5-year figure is 0.13, and annualized covariance runs at 65.5 %².
Within HPK's tracked universe of 13 assets, SPY comes in at #7 by 3-year correlation. On 12-month performance SPY holds a 13.4-point edge, +7.2% against +20.6%. Risk is not evenly split, since HPK carries 3.8 times the volatility of the other side.
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 SPY: side by side
| HPK (HighPeak Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.2% | +20.6% |
| 5-year return | -11.4% | +82.4% |
| Volatility (ann.) | 55.8% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -77.8% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.03% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | HPK | SPY |
|---|---|---|
| 2022 | +56.9% | -18.2% |
| 2023 | -37.4% | +26.2% |
| 2024 | +4.3% | +24.9% |
| 2025 | -67.2% | +17.7% |
| 2026 | +68.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPK and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HPK and SPY?
The HPK/SPY correlation stands at 0.08 on a 3-year window (1 year: -0.23, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HPK?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
A reading of 0.08 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 · SPY correlations
