BY vs HBNC: Correlation
Byline Bancorp, Inc. (BY) and Horizon Bancorp, Inc. (HBNC) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and HBNC?
Over the past 3 years, BY and HBNC moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 760.1 %².
By 3-year correlation, HBNC places #13 of the 70 assets tracked against BY. The trailing year gives BY the advantage: +32.5% versus +22.1%, a 10.4-point spread.
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.
BY vs HBNC: side by side
| BY (Byline Bancorp, Inc.) | HBNC (Horizon Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +32.5% | +22.1% |
| 5-year return | +66.2% | +36.0% |
| Volatility (ann.) | 26.8% | 32.7% |
| Beta vs S&P 500 | 0.80 | 0.96 |
| Max drawdown (3Y) | -27.2% | -29.6% |
| Market cap | $1.7B | $1.0B |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.15% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | HBNC |
|---|---|---|
| 2022 | -14.7% | -25.3% |
| 2023 | +4.3% | +0.4% |
| 2024 | +25.0% | +18.2% |
| 2025 | +2.0% | +9.8% |
| 2026 | +32.7% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and HBNC good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BY and HBNC?
The BY/HBNC correlation stands at 0.87 on a 3-year window (1 year: 0.88, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is HBNC a good diversifier for BY?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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/by-vs-hbnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/by-vs-hbnc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BY correlations · HBNC correlations
