CFR vs HWC: Correlation
How closely do Cullen/Frost Bankers, Inc. (CFR) and Hancock Whitney Corporation (HWC) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFR and HWC?
Over the past 3 years, CFR and HWC moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 647.7 %².
By 3-year correlation, HWC places #5 of the 12 assets tracked against CFR. Neither side won the trailing year by much: +26.1% against +21.6%.
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.
CFR vs HWC: side by side
| CFR (Cullen/Frost Bankers, Inc.) | HWC (Hancock Whitney Corporation) | |
|---|---|---|
| 1-year return | +26.1% | +21.6% |
| 5-year return | +64.2% | +89.0% |
| Volatility (ann.) | 25.6% | 30.7% |
| Beta vs S&P 500 | 0.76 | 1.03 |
| Max drawdown (3Y) | -26.5% | -23.9% |
| Market cap | $10.0B | $6.0B |
| P/E (trailing) | 15.4 | 14.7 |
| Dividend yield | 2.47% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFR | HWC |
|---|---|---|
| 2022 | +8.7% | -1.2% |
| 2023 | -16.1% | +3.3% |
| 2024 | +27.9% | +16.1% |
| 2025 | -2.8% | +20.0% |
| 2026 | +29.3% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFR and HWC good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CFR and HWC?
The CFR/HWC correlation stands at 0.82 on a 3-year window (1 year: 0.81, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is HWC a good diversifier for CFR?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 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/cfr-vs-hwc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cfr-vs-hwc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CFR correlations · HWC correlations
