HP Correlations

HPQ Stock

USD 37.69 1.01 2.75%

The current 90-days correlation between HP Inc and NetApp Inc is 0.32 (i.e., Weak diversification). The correlation of HP is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

HP Correlation With Market

Very weak diversification

The correlation between HP Inc and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HP Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in HP Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with HP Stock

0.61	AAPL	Apple Inc Aggressive Push	Pair Corr
0.86	CSCO	Cisco Systems	Pair Corr
0.83	S	SentinelOne	Pair Corr
0.64	ZS	Zscaler Earnings Call This Week	Pair Corr
0.81	CRM	Salesforce Earnings Call This Week	Pair Corr
0.85	NET	Cloudflare	Pair Corr
0.82	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.68	ORCL	Oracle	Pair Corr
0.7	PANW	Palo Alto Networks	Pair Corr
0.69	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.67	TWLO	Twilio Inc	Pair Corr
0.84	CRWD	Crowdstrike Holdings Earnings Call This Week	Pair Corr
0.72	603019	Dawning Information	Pair Corr
0.75	002177	Guangzhou KingTeller	Pair Corr
0.77	002027	Focus Media Information	Pair Corr
0.79	688041	Hygon Information	Pair Corr
0.82	NVDA	NVIDIA	Pair Corr
0.72	GOOG	Alphabet Class C	Pair Corr
0.78	META	Meta Platforms	Pair Corr

Moving against HP Stock

0.69	ADBE	Adobe Systems Sell-off Trend	Pair Corr
0.65	ENPH	Enphase Energy	Pair Corr
0.64	FRGT	Freight Technologies	Pair Corr
0.53	FSLR	First Solar	Pair Corr
0.53	SEDG	SolarEdge Technologies	Pair Corr
0.44	VRRM	Verra Mobility Corp	Pair Corr
0.71	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.58	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.58	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.54	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	NTAP	PSTG	SMCI	ANET	SSYS	DM	DDD	CAN	STX	DELL
NTAP		0.86	0.54	0.17	0.23	-0.09	0.14	-0.14	0.43	-0.01	NTAP
PSTG	0.86		0.52	0.16	0.13	0.0	0.22	-0.09	0.26	0.01	PSTG
SMCI	0.54	0.52		-0.28	-0.48	0.07	-0.46	-0.79	0.4	-0.7	SMCI
ANET	0.17	0.16	-0.28		0.34	0.64	0.86	0.33	0.54	0.77	ANET
SSYS	0.23	0.13	-0.48	0.34		-0.28	0.54	0.74	-0.11	0.63	SSYS
DM	-0.09	0.0	0.07	0.64	-0.28		0.42	-0.21	0.58	0.24	DM
DDD	0.14	0.22	-0.46	0.86	0.54	0.42		0.63	0.23	0.87	DDD
CAN	-0.14	-0.09	-0.79	0.33	0.74	-0.21	0.63		-0.41	0.77	CAN
STX	0.43	0.26	0.4	0.54	-0.11	0.58	0.23	-0.41		0.07	STX
DELL	-0.01	0.01	-0.7	0.77	0.63	0.24	0.87	0.77	0.07		DELL
	NTAP	PSTG	SMCI	ANET	SSYS	DM	DDD	CAN	STX	DELL

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DELL	+ 0.87	DDD
PSTG	+ 0.86	NTAP
DDD	+ 0.86	ANET
DELL	+ 0.77	ANET
DELL	+ 0.77	CAN
CAN	+ 0.74	SSYS

High negative correlations

CAN	- 0.79	SMCI
DELL	- 0.7	SMCI
SSYS	- 0.48	SMCI
DDD	- 0.46	SMCI
STX	- 0.41	CAN
DM	- 0.28	SSYS

Risk-Adjusted Indicators

There is a big difference between HP Stock performing well and HP Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze HP's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NTAP	1.28	(0.16)	0.00	(0.09)	0.00	0.00	2.16	(2.57)	11.17
PSTG	2.08	(0.42)	0.00	(0.17)	0.00	0.00	2.88	(6.29)	17.02
SMCI	5.21	(0.85)	0.00	0.83	0.00	0.00	12.25	(12.18)	48.46
ANET	1.66	(0.01)	0.02	0.08	2.60	(1.63)	3.62	(4.30)	12.04
SSYS	3.01	0.18	0.08	0.18	3.00	(3.66)	9.26	(4.95)	25.45
DM	1.74	0.08	0.00	1.30	2.28	(1.95)	3.69	(3.95)	21.58
DDD	4.25	0.20	0.07	0.15	4.81	(4.99)	11.73	(6.21)	31.04
CAN	5.60	0.77	0.17	0.30	5.50	(6.86)	13.04	(8.91)	49.75
STX	1.36	(0.15)	0.00	(0.07)	0.00	0.00	2.78	(2.81)	12.18
DELL	1.99	0.17	0.10	0.19	2.13	(2.24)	4.33	(4.46)	10.85

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