FFIN vs HE: Correlation
First Financial Bankshares, Inc. (FFIN) and Hawaiian Electric Industries, Inc. (HE) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIN and HE?
Across a 3-year window, the weekly returns of FFIN and HE correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 999.5 %².
By 3-year correlation, HE places #11 of the 20 assets tracked against FFIN. Their 12-month results are close: -10.8% for FFIN against -9.1% for HE. One caveat on sizing: HE is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FFIN vs HE: side by side
| FFIN (First Financial Bankshares, Inc.) | HE (Hawaiian Electric Industries, Inc.) | |
|---|---|---|
| 1-year return | -10.8% | -9.1% |
| 5-year return | -22.9% | -71.4% |
| Volatility (ann.) | 30.5% | 58.8% |
| Beta vs S&P 500 | 0.84 | 0.09 |
| Max drawdown (3Y) | -31.4% | -53.3% |
| Market cap | $4.7B | $2.0B |
| P/E (trailing) | 18.0 | 8.9 |
| Dividend yield | 2.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FFIN | HE |
|---|---|---|
| 2022 | -31.2% | +4.3% |
| 2023 | -9.8% | -64.6% |
| 2024 | +21.6% | -31.4% |
| 2025 | -15.3% | +26.4% |
| 2026 | +12.2% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIN and HE good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FFIN and HE?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.51 over the last year and 0.44 over 5 years.
Is HE a good diversifier for FFIN?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 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/ffin-vs-he.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ffin-vs-he/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FFIN correlations · HE correlations
