CBSH vs HWC: Correlation
Measured on weekly returns over the past three years, Commerce Bancshares, Inc. (CBSH) and Hancock Whitney Corporation (HWC) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBSH and HWC?
On 3 years of weekly data the CBSH/HWC correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 590.4 %².
Among the 13 assets we track against CBSH, HWC ranks #5 by 3-year correlation. The last year tells two different stories: HWC led by 22.6 percentage points, -1.0% for CBSH 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.
CBSH vs HWC: side by side
| CBSH (Commerce Bancshares, Inc.) | HWC (Hancock Whitney Corporation) | |
|---|---|---|
| 1-year return | -1.0% | +21.6% |
| 5-year return | +10.0% | +89.0% |
| Volatility (ann.) | 22.8% | 30.7% |
| Beta vs S&P 500 | 0.64 | 1.03 |
| Max drawdown (3Y) | -27.6% | -23.9% |
| Market cap | $8.3B | $6.0B |
| P/E (trailing) | 14.3 | 14.7 |
| Dividend yield | 1.84% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBSH | HWC |
|---|---|---|
| 2022 | +0.5% | -1.2% |
| 2023 | -15.9% | +3.3% |
| 2024 | +24.7% | +16.1% |
| 2025 | -10.2% | +20.0% |
| 2026 | +12.1% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBSH and HWC good diversifiers for each other?
No. With a correlation of 0.84, CBSH and HWC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CBSH and HWC?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.82 over the last year and 0.78 over 5 years.
Is HWC a good diversifier for CBSH?
No. With a correlation of 0.84, CBSH and HWC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
A reading of 0.84 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/cbsh-vs-hwc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbsh-vs-hwc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBSH correlations · HWC correlations
