FCF vs HBNC: Correlation
How closely do First Commonwealth Financial Corporation (FCF) and Horizon Bancorp, Inc. (HBNC) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and HBNC?
Across a 3-year window, the weekly returns of FCF and HBNC correlate at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 765.6 %².
Within FCF's tracked universe of 64 assets, HBNC comes in at #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.3% for FCF and +22.1% for HBNC.
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.
FCF vs HBNC: side by side
| FCF (First Commonwealth Financial Corporation) | HBNC (Horizon Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.3% | +22.1% |
| 5-year return | +83.7% | +36.0% |
| Volatility (ann.) | 26.9% | 32.7% |
| Beta vs S&P 500 | 0.72 | 0.96 |
| Max drawdown (3Y) | -26.9% | -29.6% |
| Market cap | $2.1B | $1.0B |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.64% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | HBNC |
|---|---|---|
| 2022 | -10.3% | -25.3% |
| 2023 | +14.8% | +0.4% |
| 2024 | +13.4% | +18.2% |
| 2025 | +3.0% | +9.8% |
| 2026 | +26.0% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and HBNC good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FCF and HBNC?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.87 over the last year and 0.76 over 5 years.
Is HBNC a good diversifier for FCF?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
A reading of 0.87 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/fcf-vs-hbnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fcf-vs-hbnc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FCF correlations · HBNC correlations
