HSBC vs WAFU: Correlation
Measured on weekly returns over the past three years, HSBC Holdings, plc. (HSBC) and Wah Fu Education Group Limited (WAFU) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSBC and WAFU?
Over the past 3 years, HSBC and WAFU moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 311.3 %².
WAFU is close to the least connected end of HSBC's tracked universe, ranking #10 of 13. Correlation aside, the last 12 months split them widely, with HSBC ahead by 69.5 points (+66.6% versus -2.9%). Risk is not evenly split, since WAFU carries 1.9 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.
HSBC vs WAFU: side by side
| HSBC (HSBC Holdings, plc.) | WAFU (Wah Fu Education Group Limited) | |
|---|---|---|
| 1-year return | +66.6% | -2.9% |
| 5-year return | +420.9% | -79.7% |
| Volatility (ann.) | 22.1% | 42.3% |
| Beta vs S&P 500 | 0.68 | 0.61 |
| Max drawdown (3Y) | -21.8% | -55.1% |
| Market cap | $352.5B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HSBC | WAFU |
|---|---|---|
| 2022 | +7.8% | -43.4% |
| 2023 | +39.4% | -4.2% |
| 2024 | +34.5% | -22.4% |
| 2025 | +67.9% | -7.1% |
| 2026 | +35.8% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSBC and WAFU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HSBC and WAFU?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.30 over the last year and 0.26 over 5 years.
Is WAFU a good diversifier for HSBC?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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
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Related comparisons
Hubs: HSBC correlations · WAFU correlations
