ETON vs HNVR: Correlation
Measured on weekly returns over the past three years, Eton Pharmaceuticals, Inc. (ETON) and Hanover Bancorp, Inc. (HNVR) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETON and HNVR?
Across a 3-year window, the weekly returns of ETON and HNVR correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 557.1 %².
In ETON's tracked universe of 10 assets, HNVR sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months ETON outperformed by 239.7 percentage points (+262.7% for ETON against +23.0% for HNVR). Note the risk asymmetry: ETON runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ETON vs HNVR: side by side
| ETON (Eton Pharmaceuticals, Inc.) | HNVR (Hanover Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +262.7% | +23.0% |
| 5-year return | +1112.2% | +40.1% |
| Volatility (ann.) | 58.4% | 27.1% |
| Beta vs S&P 500 | 0.89 | 0.50 |
| Max drawdown (3Y) | -45.6% | -28.2% |
| Market cap | $1.8B | $0.2B |
| P/E (trailing) | 160.7 | 21.3 |
| Dividend yield | 0.00% | 1.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETON | HNVR |
|---|---|---|
| 2022 | -34.3% | – |
| 2023 | +55.3% | -11.6% |
| 2024 | +204.1% | +33.7% |
| 2025 | +27.0% | +2.0% |
| 2026 | +270.6% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETON and HNVR good diversifiers for each other?
Reasonably. At 0.35, ETON and HNVR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ETON and HNVR?
As of 2026-08-27, the correlation of weekly returns between ETON and HNVR is 0.35 over 3 years, 0.26 over 1 year and 0.30 over 5 years.
Is HNVR a good diversifier for ETON?
Reasonably. At 0.35, ETON and HNVR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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/eton-vs-hnvr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eton-vs-hnvr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETON correlations · HNVR correlations
