HQY vs NLOP: Correlation
How closely do HealthEquity, Inc. (HQY) and Net Lease Office Properties (NLOP) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and NLOP?
On 3 years of weekly data the HQY/NLOP correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 417.4 %².
Among the 14 assets we track against HQY, NLOP ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +6.1% for HQY and +8.0% for NLOP.
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.
HQY vs NLOP: side by side
| HQY (HealthEquity, Inc.) | NLOP (Net Lease Office Properties) | |
|---|---|---|
| 1-year return | +6.1% | +8.0% |
| 5-year return | +45.4% | n/a |
| Volatility (ann.) | 32.9% | 39.2% |
| Beta vs S&P 500 | 0.63 | 0.18 |
| Max drawdown (3Y) | -36.1% | -46.0% |
| Market cap | $7.7B | $0.2B |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQY | NLOP |
|---|---|---|
| 2022 | +39.3% | – |
| 2023 | +7.6% | – |
| 2024 | +44.7% | +68.9% |
| 2025 | -4.5% | +5.9% |
| 2026 | +1.9% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and NLOP good diversifiers for each other?
Reasonably. At 0.32, HQY and NLOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HQY and NLOP?
The HQY/NLOP correlation stands at 0.32 on a 3-year window (1 year: 0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NLOP a good diversifier for HQY?
Reasonably. At 0.32, HQY and NLOP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 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.
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Related comparisons
Hubs: HQY correlations · NLOP correlations
