CAC vs HWC: Correlation
How closely do Camden National Corporation (CAC) and Hancock Whitney Corporation (HWC) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and HWC?
On 3 years of weekly data the CAC/HWC correlation comes out at 0.87, 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. The 5-year figure is 0.72, and annualized covariance runs at 773.8 %².
Few assets follow CAC as closely as HWC, which ranks #3 of 24 tracked partners. The last year tells two different stories: CAC led by 21.7 percentage points, +43.3% for CAC against +21.6% for HWC.
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.
CAC vs HWC: side by side
| CAC (Camden National Corporation) | HWC (Hancock Whitney Corporation) | |
|---|---|---|
| 1-year return | +43.3% | +21.6% |
| 5-year return | +51.3% | +89.0% |
| Volatility (ann.) | 29.0% | 30.7% |
| Beta vs S&P 500 | 0.87 | 1.03 |
| Max drawdown (3Y) | -26.0% | -23.9% |
| Market cap | $1.0B | $6.0B |
| P/E (trailing) | 10.9 | 14.7 |
| Dividend yield | 2.97% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAC | HWC |
|---|---|---|
| 2022 | -10.3% | -1.2% |
| 2023 | -5.0% | +3.3% |
| 2024 | +19.1% | +16.1% |
| 2025 | +5.8% | +20.0% |
| 2026 | +34.5% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and HWC good diversifiers for each other?
No. With a correlation of 0.87, CAC and HWC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CAC and HWC?
The CAC/HWC correlation stands at 0.87 on a 3-year window (1 year: 0.80, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is HWC a good diversifier for CAC?
No. With a correlation of 0.87, CAC and HWC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 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/cac-vs-hwc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cac-vs-hwc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAC correlations · HWC correlations
