BHR vs FHB: Correlation
How closely do Braemar Hotels & Resorts Inc. (BHR) and First Hawaiian, Inc. (FHB) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHR and FHB?
Across a 3-year window, the weekly returns of BHR and FHB correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.42, with an annualized covariance of 694.5 %².
Within BHR's tracked universe of 12 assets, FHB comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FHB outperformed by 24.7 percentage points (-21.4% for BHR against +3.3% for FHB). One caveat on sizing: BHR is 2.2 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.
BHR vs FHB: side by side
| BHR (Braemar Hotels & Resorts Inc.) | FHB (First Hawaiian, Inc.) | |
|---|---|---|
| 1-year return | -21.4% | +3.3% |
| 5-year return | -47.8% | +16.4% |
| Volatility (ann.) | 55.4% | 25.6% |
| Beta vs S&P 500 | 1.17 | 0.77 |
| Max drawdown (3Y) | -49.7% | -24.3% |
| Market cap | $0.2B | $3.1B |
| P/E (trailing) | – | 11.3 |
| Dividend yield | 4.88% | 4.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHR | FHB |
|---|---|---|
| 2022 | -17.9% | -0.9% |
| 2023 | -35.2% | -7.6% |
| 2024 | +29.6% | +18.7% |
| 2025 | +3.0% | +1.6% |
| 2026 | -27.9% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHR and FHB good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BHR and FHB?
The BHR/FHB correlation stands at 0.49 on a 3-year window (1 year: 0.23, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is FHB a good diversifier for BHR?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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/bhr-vs-fhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhr-vs-fhb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHR correlations · FHB correlations
