CCNE vs HWBK: Correlation
How closely do CNB Financial Corporation (CCNE) and Hawthorn Bancshares, Inc. (HWBK) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCNE and HWBK?
On 3 years of weekly data the CCNE/HWBK correlation comes out at 0.34, moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.34 over 3. The 5-year figure is 0.31, and annualized covariance runs at 333.5 %².
HWBK is close to the least connected end of CCNE's tracked universe, ranking #23 of 27. On 12-month performance CCNE holds a 8.8-point edge, +30.2% against +21.4%.
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.
CCNE vs HWBK: side by side
| CCNE (CNB Financial Corporation) | HWBK (Hawthorn Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | +21.4% |
| 5-year return | +61.1% | +114.2% |
| Volatility (ann.) | 29.0% | 33.4% |
| Beta vs S&P 500 | 0.84 | 0.50 |
| Max drawdown (3Y) | -29.7% | -27.9% |
| Market cap | $1.0B | $0.3B |
| P/E (trailing) | 10.6 | 10.6 |
| Dividend yield | 2.18% | 2.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | HWBK |
|---|---|---|
| 2022 | -7.8% | -10.3% |
| 2023 | -1.6% | +25.6% |
| 2024 | +13.6% | +15.4% |
| 2025 | +8.4% | +26.3% |
| 2026 | +31.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE and HWBK good diversifiers for each other?
Reasonably. At 0.34, CCNE and HWBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCNE and HWBK?
The CCNE/HWBK correlation stands at 0.34 on a 3-year window (1 year: 0.32, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is HWBK a good diversifier for CCNE?
Reasonably. At 0.34, CCNE and HWBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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.
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Related comparisons
Hubs: CCNE correlations · HWBK correlations
