HPK vs. SPY

Last updated Jun 4, 2026

HPK (HighPeak Energy, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, HPK returned -4.71%/yr vs 13.83%/yr for SPY. At a 0.15 correlation, their price movements are largely independent.

Performance

HPK vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HighPeak Energy, Inc. (HPK) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPK achieves a 70.36% return, which is significantly higher than SPY's 10.91% return.

HPK

• 1D: 1.96%
• 1M: 16.69%
• YTD: 70.36%
• 6M: 39.22%
• 1Y: -25.22%
• 3Y*: -14.96%
• 5Y*: -4.71%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HPK vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HPK HighPeak Energy, Inc.	70.36%	-67.16%	4.28%	-37.40%	56.90%	-7.30%	134.85%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	9.93%

Correlation

The correlation between HPK and SPY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 25, 2020	0.15

The correlation between HPK and SPY shifts across timeframes, from -0.12 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HPK vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPK

HPK Risk / Return Rank: 29
HPK Sharpe Ratio Rank: 27
HPK Sortino Ratio Rank: 30
HPK Omega Ratio Rank: 31
HPK Calmar Ratio Rank: 28
HPK Martin Ratio Rank: 31

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HPK vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HighPeak Energy, Inc. (HPK) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HPK	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	2.38	-2.71
Sortino ratio: Return per unit of downside risk	0.01	3.24	-3.22
Omega ratio: Gain probability vs. loss probability	1.00	1.43	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.38	3.16	-3.54
Martin ratio: Return relative to average drawdown	-0.57	14.72	-15.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPK vs. SPY - Sharpe Ratio Comparison

The current HPK Sharpe Ratio is -0.33, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HPK and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HPK	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	2.38	-2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.82	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.59	-0.54

Drawdowns

HPK vs. SPY - Drawdown Comparison

The maximum HPK drawdown since its inception was -89.29%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HPK and SPY.

Drawdown Indicators

	HPK	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-89.29%	-55.19%	-34.10%
Max Drawdown (1Y) Largest decline over 1 year	-66.94%	-8.88%	-58.06%
Max Drawdown (3Y) Largest decline over 3 years	-77.83%	-18.76%	-59.07%
Max Drawdown (5Y) Largest decline over 5 years	-89.29%	-24.50%	-64.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-77.77%	-0.70%	-77.07%
Average Drawdown Average peak-to-trough decline	-51.16%	-9.05%	-42.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.58%	1.91%	+42.67%

Volatility

HPK vs. SPY - Volatility Comparison

HighPeak Energy, Inc. (HPK) has a higher volatility of 29.59% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that HPK's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPK	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.59%	2.84%	+26.75%
Volatility (6M) Calculated over the trailing 6-month period	62.96%	8.90%	+54.06%
Volatility (1Y) Calculated over the trailing 1-year period	77.60%	11.83%	+65.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.85%	17.05%	+51.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.80%	17.94%	+59.86%

Dividends

HPK vs. SPY - Dividend Comparison

HPK's dividend yield for the trailing twelve months is around 0.99%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPK HighPeak Energy, Inc.	0.99%	3.38%	1.09%	0.70%	0.44%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HPK and SPY in my portfolio?

HPK and SPY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HPK or SPY?

HPK has higher volatility (29.59%) compared to SPY (2.84%). In terms of maximum drawdown, HPK dropped -89.29% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.