HPQ vs LOCL: Correlation
How closely do HP Inc. (HPQ) and Local Bounti Corporation (LOCL) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and LOCL?
Over the past 3 years, HPQ and LOCL moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.15). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -754.8 %².
Among the 28 assets we track against HPQ, LOCL ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HPQ outperformed by 73.7 percentage points (+14.9% for HPQ against -58.8% for LOCL). Note the risk asymmetry: LOCL runs 4.2 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.
HPQ vs LOCL: side by side
| HPQ (HP Inc.) | LOCL (Local Bounti Corporation) | |
|---|---|---|
| 1-year return | +14.9% | -58.8% |
| 5-year return | +19.9% | -99.2% |
| Volatility (ann.) | 34.2% | 142.7% |
| Beta vs S&P 500 | 1.15 | -0.49 |
| Max drawdown (3Y) | -51.2% | -79.4% |
| Market cap | $26.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | HPQ | LOCL |
|---|---|---|
| 2022 | -26.4% | -78.4% |
| 2023 | +16.1% | -88.5% |
| 2024 | +12.1% | +0.0% |
| 2025 | -28.7% | +3.4% |
| 2026 | +36.8% | -53.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPQ and LOCL good diversifiers for each other?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between HPQ and LOCL?
The HPQ/LOCL correlation stands at -0.15 on a 3-year window (1 year: -0.04, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is LOCL a good diversifier for HPQ?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
What does a correlation of -0.15 mean?
A reading of -0.15 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: HPQ correlations · LOCL correlations
