HQY vs WDAY: Correlation
Measured on weekly returns over the past three years, HealthEquity, Inc. (HQY) and Workday, Inc. (WDAY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and WDAY?
Over the past 3 years, HQY and WDAY moved with a correlation of 0.41, which is moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.41). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 542.6 %².
Within HQY's tracked universe of 14 assets, WDAY comes in at #5 by 3-year correlation. The last year tells two different stories: HQY led by 21.8 percentage points, +6.1% for HQY against -15.7% for WDAY.
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 WDAY: side by side
| HQY (HealthEquity, Inc.) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +6.1% | -15.7% |
| 5-year return | +45.4% | -28.7% |
| Volatility (ann.) | 32.9% | 40.0% |
| Beta vs S&P 500 | 0.63 | 1.09 |
| Max drawdown (3Y) | -36.1% | -63.4% |
| Market cap | $7.7B | $47.8B |
| P/E (trailing) | 39.1 | 59.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | HQY | WDAY |
|---|---|---|
| 2022 | +39.3% | -38.7% |
| 2023 | +7.6% | +65.0% |
| 2024 | +44.7% | -6.5% |
| 2025 | -4.5% | -16.8% |
| 2026 | +1.9% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and WDAY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HQY and WDAY?
The HQY/WDAY correlation stands at 0.41 on a 3-year window (1 year: 0.55, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is WDAY a good diversifier for HQY?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hqy-vs-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hqy-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HQY correlations · WDAY correlations
