FCF vs HFWA: Correlation
How closely do First Commonwealth Financial Corporation (FCF) and Heritage Financial Corporation (HFWA) 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 HFWA?
On 3 years of weekly data the FCF/HFWA correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.87 over 3. The 5-year figure is 0.78, and annualized covariance runs at 713.5 %².
By 3-year correlation, HFWA places #19 of the 64 assets tracked against FCF. Twelve-month performance is nearly a tie, at +20.3% for FCF and +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.
FCF vs HFWA: side by side
| FCF (First Commonwealth Financial Corporation) | HFWA (Heritage Financial Corporation) | |
|---|---|---|
| 1-year return | +20.3% | +20.8% |
| 5-year return | +83.7% | +38.4% |
| Volatility (ann.) | 26.9% | 30.5% |
| Beta vs S&P 500 | 0.72 | 0.66 |
| Max drawdown (3Y) | -26.9% | -22.4% |
| Market cap | $2.1B | $1.2B |
| P/E (trailing) | 12.7 | 13.7 |
| Dividend yield | 2.64% | 3.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | HFWA |
|---|---|---|
| 2022 | -10.3% | +29.3% |
| 2023 | +14.8% | -26.9% |
| 2024 | +13.4% | +19.8% |
| 2025 | +3.0% | +0.6% |
| 2026 | +26.0% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and HFWA good diversifiers for each other?
No: a correlation of 0.87 means FCF and HFWA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FCF and HFWA?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.77 over the last year and 0.78 over 5 years.
Is HFWA a good diversifier for FCF?
No: a correlation of 0.87 means FCF 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/fcf-vs-hfwa.json
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Related comparisons
Hubs: FCF correlations · HFWA correlations
