EFSC vs HFWA: Correlation
Enterprise Financial Services Corporation (EFSC) and Heritage Financial Corporation (HFWA) 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 EFSC and HFWA?
Across a 3-year window, the weekly returns of EFSC and HFWA correlate at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.87 over 3. Stretching to 5 years gives 0.80, with an annualized covariance of 711.2 %².
By 3-year correlation, HFWA places #6 of the 23 assets tracked against EFSC. Their recent paths diverged sharply: over the last 12 months HFWA outperformed by 15.5 percentage points (+5.3% for EFSC against +20.8% for HFWA).
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.
EFSC vs HFWA: side by side
| EFSC (Enterprise Financial Services Corporation) | HFWA (Heritage Financial Corporation) | |
|---|---|---|
| 1-year return | +5.3% | +20.8% |
| 5-year return | +59.0% | +38.4% |
| Volatility (ann.) | 26.9% | 30.5% |
| Beta vs S&P 500 | 0.66 | 0.66 |
| Max drawdown (3Y) | -25.0% | -22.4% |
| Market cap | $2.3B | $1.2B |
| P/E (trailing) | 12.6 | 13.7 |
| Dividend yield | 2.05% | 3.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFSC | HFWA |
|---|---|---|
| 2022 | +6.0% | +29.3% |
| 2023 | -6.6% | -26.9% |
| 2024 | +29.3% | +19.8% |
| 2025 | -2.1% | +0.6% |
| 2026 | +18.9% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFSC and HFWA good diversifiers for each other?
No: a correlation of 0.87 means EFSC and HFWA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EFSC and HFWA?
The EFSC/HFWA correlation stands at 0.87 on a 3-year window (1 year: 0.81, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is HFWA a good diversifier for EFSC?
No: a correlation of 0.87 means EFSC and HFWA tend to fall together, which is precisely when diversification is supposed to help.
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/efsc-vs-hfwa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efsc-vs-hfwa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFSC correlations · HFWA correlations
