BCAL vs HFWA: Correlation
How closely do California BanCorp (BCAL) and Heritage Financial Corporation (HFWA) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAL and HFWA?
Across a 3-year window, the weekly returns of BCAL and HFWA correlate at 0.72, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.72 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 586.9 %².
In BCAL's tracked universe of 13 assets, HFWA sits right near the top at #2. On 12-month performance BCAL holds a 7.2-point edge, +28.0% against +20.8%.
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.
BCAL vs HFWA: side by side
| BCAL (California BanCorp) | HFWA (Heritage Financial Corporation) | |
|---|---|---|
| 1-year return | +28.0% | +20.8% |
| 5-year return | +52.2% | +38.4% |
| Volatility (ann.) | 26.5% | 30.5% |
| Beta vs S&P 500 | 0.82 | 0.66 |
| Max drawdown (3Y) | -32.3% | -22.4% |
| Market cap | $0.7B | $1.2B |
| P/E (trailing) | 11.6 | 13.7 |
| Dividend yield | 1.40% | 3.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAL | HFWA |
|---|---|---|
| 2022 | +12.3% | +29.3% |
| 2023 | +3.1% | -26.9% |
| 2024 | -4.7% | +19.8% |
| 2025 | +13.5% | +0.6% |
| 2026 | +15.5% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAL and HFWA good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BCAL and HFWA?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.65 over the last year and 0.57 over 5 years.
Is HFWA a good diversifier for BCAL?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcal-vs-hfwa.json
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Related comparisons
Hubs: BCAL correlations · HFWA correlations
