ASB vs FHB: Correlation
How closely do Associated Banc-Corp (ASB) and First Hawaiian, Inc. (FHB) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and FHB?
Over the past 3 years, ASB and FHB moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 638.7 %².
By 3-year correlation, FHB places #15 of the 47 assets tracked against ASB. The last year tells two different stories: ASB led by 15.2 percentage points, +18.5% for ASB against +3.3% for FHB.
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.
ASB vs FHB: side by side
| ASB (Associated Banc-Corp) | FHB (First Hawaiian, Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +3.3% |
| 5-year return | +82.7% | +16.4% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 1.03 | 0.77 |
| Max drawdown (3Y) | -31.6% | -24.3% |
| Market cap | $5.8B | $3.1B |
| P/E (trailing) | 10.8 | 11.3 |
| Dividend yield | 3.08% | 4.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | FHB |
|---|---|---|
| 2022 | +6.0% | -0.9% |
| 2023 | -2.9% | -7.6% |
| 2024 | +16.2% | +18.7% |
| 2025 | +11.8% | +1.6% |
| 2026 | +21.7% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and FHB good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASB and FHB?
The ASB/FHB correlation stands at 0.86 on a 3-year window (1 year: 0.80, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is FHB a good diversifier for ASB?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
A reading of 0.86 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asb-vs-fhb.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ASB correlations · FHB correlations
