HPQ vs SPYV: Correlation
Measured on weekly returns over the past three years, HP Inc. (HPQ) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPQ and SPYV?
On 3 years of weekly data the HPQ/SPYV correlation comes out at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.52 over 3 years. The 5-year figure is 0.56, and annualized covariance runs at 214.0 %².
By 3-year correlation, SPYV places #6 of the 28 assets tracked against HPQ. Twelve-month performance is nearly a tie, at +14.9% for HPQ and +18.5% for SPYV. Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.73. Note the risk asymmetry: HPQ runs 2.8 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 SPYV: side by side
| HPQ (HP Inc.) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +14.9% | +18.5% |
| 5-year return | +19.9% | +73.5% |
| Volatility (ann.) | 34.2% | 12.1% |
| Beta vs S&P 500 | 1.15 | 0.70 |
| Max drawdown (3Y) | -51.2% | -17.5% |
| Market cap | $26.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Information Technology | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | HPQ | SPYV |
|---|---|---|
| 2022 | -26.4% | -5.3% |
| 2023 | +16.1% | +22.2% |
| 2024 | +12.1% | +12.2% |
| 2025 | -28.7% | +13.2% |
| 2026 | +36.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HPQ represents 0.09% of SPYV's portfolio, so part of any move in SPYV is HPQ itself, and the correlation between them is partly mechanical.
Are HPQ and SPYV good diversifiers for each other?
Only partially. A correlation of 0.52 means HPQ and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HPQ and SPYV?
As of 2026-08-27, the correlation of weekly returns between HPQ and SPYV is 0.52 over 3 years, 0.32 over 1 year and 0.56 over 5 years.
Is SPYV a good diversifier for HPQ?
Only partially. A correlation of 0.52 means HPQ and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hpq-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HPQ correlations · SPYV correlations
