HRB vs PAYX: Correlation
H&R Block, Inc. (HRB) and Paychex (PAYX) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRB and PAYX?
Over the past 3 years, HRB and PAYX moved with a correlation of 0.45, which is moderate. The past 12 months show a tighter link (0.61) than the 3-year average (0.45). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 316.3 %².
Few assets follow HRB as closely as PAYX, which ranks #3 of 13 tracked partners. The trailing year gives HRB the advantage: +7.6% versus -4.8%, a 12.4-point spread. Note the risk asymmetry: HRB runs 1.5 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.
HRB vs PAYX: side by side
| HRB (H&R Block, Inc.) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | +7.6% | -4.8% |
| 5-year return | +141.8% | +29.0% |
| Volatility (ann.) | 32.8% | 21.3% |
| Beta vs S&P 500 | 0.31 | 0.47 |
| Max drawdown (3Y) | -55.5% | -45.0% |
| Market cap | $6.5B | $45.0B |
| P/E (trailing) | 9.3 | 25.5 |
| Dividend yield | 3.19% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | HRB | PAYX |
|---|---|---|
| 2022 | +59.9% | -13.2% |
| 2023 | +36.9% | +6.2% |
| 2024 | +12.0% | +21.3% |
| 2025 | -14.9% | -17.5% |
| 2026 | +23.5% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRB and PAYX good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HRB and PAYX?
As of 2026-08-27, the correlation of weekly returns between HRB and PAYX is 0.45 over 3 years, 0.61 over 1 year and 0.39 over 5 years.
Is PAYX a good diversifier for HRB?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: HRB correlations · PAYX correlations
