BUSE vs HFWA: Correlation
First Busey Corporation (BUSE) and Heritage Financial Corporation (HFWA) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and HFWA?
Across a 3-year window, the weekly returns of BUSE and HFWA correlate at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 701.4 %².
By 3-year correlation, HFWA places #13 of the 38 assets tracked against BUSE. Over the last 12 months BUSE came out ahead by 6.7 percentage points (+27.5% 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.
BUSE vs HFWA: side by side
| BUSE (First Busey Corporation) | HFWA (Heritage Financial Corporation) | |
|---|---|---|
| 1-year return | +27.5% | +20.8% |
| 5-year return | +56.7% | +38.4% |
| Volatility (ann.) | 26.7% | 30.5% |
| Beta vs S&P 500 | 0.79 | 0.66 |
| Max drawdown (3Y) | -31.0% | -22.4% |
| Market cap | $2.5B | $1.2B |
| P/E (trailing) | 12.3 | 13.7 |
| Dividend yield | 3.39% | 3.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | HFWA |
|---|---|---|
| 2022 | -5.5% | +29.3% |
| 2023 | +5.1% | -26.9% |
| 2024 | -1.2% | +19.8% |
| 2025 | +5.5% | +0.6% |
| 2026 | +30.7% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and HFWA 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 BUSE and HFWA?
As of 2026-08-27, the correlation of weekly returns between BUSE and HFWA is 0.86 over 3 years, 0.83 over 1 year and 0.83 over 5 years.
Is HFWA a good diversifier for BUSE?
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.
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Related comparisons
Hubs: BUSE correlations · HFWA correlations
