HPQ vs NTAP: Correlation
How closely do HP Inc. (HPQ) and NetApp (NTAP) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and NTAP?
On 3 years of weekly data the HPQ/NTAP correlation comes out at 0.62, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.62 over 3. The 5-year figure is 0.61, and annualized covariance runs at 796.3 %².
In HPQ's tracked universe of 28 assets, NTAP sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 58.1 percentage points (+14.9% for HPQ against +73.0% for NTAP). The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment.
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 NTAP: side by side
| HPQ (HP Inc.) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | +14.9% | +73.0% |
| 5-year return | +19.9% | +141.7% |
| Volatility (ann.) | 34.2% | 37.6% |
| Beta vs S&P 500 | 1.15 | 1.38 |
| Max drawdown (3Y) | -51.2% | -42.6% |
| Market cap | $26.7B | $37.4B |
| P/E (trailing) | 11.3 | 30.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | HPQ | NTAP |
|---|---|---|
| 2022 | -26.4% | -32.9% |
| 2023 | +16.1% | +51.1% |
| 2024 | +12.1% | +34.2% |
| 2025 | -28.7% | -5.9% |
| 2026 | +36.8% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPQ and NTAP good diversifiers for each other?
To a limited degree. At 0.62 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 HPQ and NTAP?
The HPQ/NTAP correlation stands at 0.62 on a 3-year window (1 year: 0.71, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is NTAP a good diversifier for HPQ?
To a limited degree. At 0.62 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 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hpq-vs-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpq-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HPQ correlations · NTAP correlations
