HPQ vs SPY: Correlation
HP Inc. (HPQ) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and SPY?
Across a 3-year window, the weekly returns of HPQ and SPY correlate at 0.49, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.49). Stretching to 5 years gives 0.53, with an annualized covariance of 240.0 %².
By 3-year correlation, SPY places #14 of the 28 assets tracked against HPQ. On 12-month performance SPY holds a 5.7-point edge, +14.9% against +20.6%. On a rolling one-year basis the correlation drifted between 0.31 and 0.71, a moderate band. Risk is not evenly split, since HPQ carries 2.4 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.
HPQ vs SPY: side by side
| HPQ (HP Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.9% | +20.6% |
| 5-year return | +19.9% | +82.4% |
| Volatility (ann.) | 34.2% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -51.2% | -18.8% |
| Market cap | $26.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | HPQ | SPY |
|---|---|---|
| 2022 | -26.4% | -18.2% |
| 2023 | +16.1% | +26.2% |
| 2024 | +12.1% | +24.9% |
| 2025 | -28.7% | +17.7% |
| 2026 | +36.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPQ and SPY good diversifiers for each other?
Reasonably. At 0.49, HPQ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HPQ and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.32 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for HPQ?
Reasonably. At 0.49, HPQ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hpq-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HPQ correlations · SPY correlations
