HPP vs NBIX: Correlation
Measured on weekly returns over the past three years, Hudson Pacific Properties, Inc. (HPP) and Neurocrine Biosciences, Inc. (NBIX) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPP and NBIX?
On 3 years of weekly data the HPP/NBIX correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.38 over 3. The 5-year figure is 0.29, and annualized covariance runs at 787.9 %².
Among the 12 assets we track against HPP, NBIX ranks #6 by 3-year correlation. The last year tells two different stories: NBIX led by 45.1 percentage points, -32.2% for HPP against +12.9% for NBIX. Note the risk asymmetry: HPP runs 2.0 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.
HPP vs NBIX: side by side
| HPP (Hudson Pacific Properties, Inc.) | NBIX (Neurocrine Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -32.2% | +12.9% |
| 5-year return | -91.3% | +62.5% |
| Volatility (ann.) | 64.7% | 31.8% |
| Beta vs S&P 500 | 1.35 | 0.60 |
| Max drawdown (3Y) | -91.7% | -42.9% |
| Market cap | $1.5B | $15.8B |
| P/E (trailing) | – | 22.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPP | NBIX |
|---|---|---|
| 2022 | -57.9% | +40.2% |
| 2023 | +1.9% | +10.3% |
| 2024 | -66.9% | +3.6% |
| 2025 | -48.9% | +3.9% |
| 2026 | +25.3% | +9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPP and NBIX good diversifiers for each other?
Reasonably. At 0.38, HPP and NBIX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HPP and NBIX?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.47 over the last year and 0.29 over 5 years.
Is NBIX a good diversifier for HPP?
Reasonably. At 0.38, HPP and NBIX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HPP correlations · NBIX correlations
