AOUT vs HBAN: Correlation
Measured on weekly returns over the past three years, American Outdoor Brands, Inc. (AOUT) and Huntington Bancshares (HBAN) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOUT and HBAN?
Over the past 3 years, AOUT and HBAN moved with a correlation of 0.46, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.46 over 3 years. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 670.8 %².
In AOUT's tracked universe of 10 assets, HBAN sits right near the top at #2. Twelve-month performance is nearly a tie, at -2.2% for AOUT and -1.7% for HBAN. One caveat on sizing: AOUT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AOUT vs HBAN: side by side
| AOUT (American Outdoor Brands, Inc.) | HBAN (Huntington Bancshares) | |
|---|---|---|
| 1-year return | -2.2% | -1.7% |
| 5-year return | -62.4% | +36.8% |
| Volatility (ann.) | 48.7% | 29.8% |
| Beta vs S&P 500 | 0.91 | 1.07 |
| Max drawdown (3Y) | -64.2% | -30.0% |
| Market cap | $0.1B | $34.1B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 0.00% | 3.64% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | AOUT | HBAN |
|---|---|---|
| 2022 | -49.7% | -4.4% |
| 2023 | -16.2% | -4.7% |
| 2024 | +81.4% | +33.7% |
| 2025 | -49.3% | +10.8% |
| 2026 | +34.0% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOUT and HBAN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AOUT and HBAN?
As of 2026-08-27, the correlation of weekly returns between AOUT and HBAN is 0.46 over 3 years, 0.63 over 1 year and 0.39 over 5 years.
Is HBAN a good diversifier for AOUT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aout-vs-hban.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aout-vs-hban/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AOUT correlations · HBAN correlations
