HP Correlations

HPQ Stock

USD 34.66 4.44 11.36%

The current 90-days correlation between HP Inc and NetApp Inc is 0.33 (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 0.51 (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

0.63	KVHI	KVH Industries	Pair Corr
0.72	MYNA	Mynaric AG ADR	Pair Corr
0.67	NTGR	NETGEAR	Pair Corr
0.77	ADTN	ADTRAN Inc	Pair Corr
0.69	SILC	Silicom	Pair Corr
0.87	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.83	DGII	Digi International	Pair Corr
0.64	IT	Gartner	Pair Corr
0.71	KD	Kyndryl Holdings Tech Boost	Pair Corr
0.77	MU	Micron Technology	Pair Corr
0.65	ANY	Sphere 3D Corp	Pair Corr
0.73	AUR	Aurora Innovation Buyout Trend	Pair Corr
0.76	NOW	ServiceNow Fiscal Year End 22nd of January 2025	Pair Corr

Moving against HP Stock

0.73	LGMK	LogicMark	Pair Corr
0.57	AVNW	Aviat Networks	Pair Corr
0.48	CDW	CDW Corp	Pair Corr
0.4	AUDC	AudioCodes	Pair Corr
0.37	IVDAW	Iveda Solutions Warrant	Pair Corr
0.36	JNPR	Juniper Networks	Pair Corr
0.31	HLIT	Harmonic	Pair Corr
0.72	CMBM	Cambium Networks Corp	Pair Corr
0.57	CLFD	Clearfield	Pair Corr

Related Correlations Analysis

	NTAP	PSTG	SMCI	ANET	SSYS	DM	DDD	CAN	STX	DELL
NTAP		0.79	0.32	0.39	0.33	0.01	0.3	0.11	0.46	0.26	NTAP
PSTG	0.79		0.31	0.41	0.15	0.24	0.39	0.05	0.32	0.26	PSTG
SMCI	0.32	0.31		-0.22	-0.57	0.32	-0.48	-0.71	0.48	-0.65	SMCI
ANET	0.39	0.41	-0.22		0.42	0.49	0.86	0.37	0.5	0.75	ANET
SSYS	0.33	0.15	-0.57	0.42		-0.4	0.6	0.83	-0.17	0.76	SSYS
DM	0.01	0.24	0.32	0.49	-0.4		0.26	-0.42	0.62	-0.04	DM
DDD	0.3	0.39	-0.48	0.86	0.6	0.26		0.64	0.18	0.87	DDD
CAN	0.11	0.05	-0.71	0.37	0.83	-0.42	0.64		-0.41	0.83	CAN
STX	0.46	0.32	0.48	0.5	-0.17	0.62	0.18	-0.41		-0.02	STX
DELL	0.26	0.26	-0.65	0.75	0.76	-0.04	0.87	0.83	-0.02		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
DDD	+ 0.86	ANET
CAN	+ 0.83	SSYS
DELL	+ 0.83	CAN
PSTG	+ 0.79	NTAP
DELL	+ 0.76	SSYS

High negative correlations

CAN	- 0.71	SMCI
DELL	- 0.65	SMCI
SSYS	- 0.57	SMCI
DDD	- 0.48	SMCI
CAN	- 0.42	DM
STX	- 0.41	CAN

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	1.38	(0.13)	0.00	(0.02)	0.00	0.00	2.62	(2.91)	10.11
PSTG	2.11	(0.32)	0.00	(0.07)	0.00	0.00	3.58	(6.29)	16.75
SMCI	5.80	(0.32)	0.00	1.95	0.00	0.00	15.79	(12.18)	48.46
ANET	1.72	0.07	0.06	0.16	2.44	(1.77)	4.44	(4.30)	12.04
SSYS	3.00	0.15	0.08	0.20	3.02	(3.56)	9.26	(4.95)	25.45
DM	1.74	(0.10)	0.00	1.80	0.00	0.00	2.86	(4.44)	23.02
DDD	4.27	0.20	0.09	0.19	4.77	(5.12)	11.73	(6.21)	31.04
CAN	5.91	0.67	0.16	0.30	5.83	(7.22)	13.04	(9.01)	49.75
STX	1.36	(0.14)	0.00	(0.03)	0.00	0.00	2.78	(2.81)	12.18
DELL	2.04	0.19	0.12	0.23	2.06	(2.36)	4.33	(4.46)	10.85

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