FHB vs NEWT: Correlation
How closely do First Hawaiian, Inc. (FHB) and NewtekOne, Inc. (NEWT) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHB and NEWT?
Over the past 3 years, FHB and NEWT moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 641.4 %².
Among the 18 assets we track against FHB, NEWT ranks #7 by 3-year correlation. Neither side won the trailing year by much: +3.3% against +5.9%. One caveat on sizing: NEWT is 1.5 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.
FHB vs NEWT: side by side
| FHB (First Hawaiian, Inc.) | NEWT (NewtekOne, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | +5.9% |
| 5-year return | +16.4% | -35.1% |
| Volatility (ann.) | 25.6% | 38.9% |
| Beta vs S&P 500 | 0.77 | 1.15 |
| Max drawdown (3Y) | -24.3% | -43.8% |
| Market cap | $3.1B | $0.4B |
| P/E (trailing) | 11.3 | 5.6 |
| Dividend yield | 4.01% | 6.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHB | NEWT |
|---|---|---|
| 2022 | -0.9% | -33.2% |
| 2023 | -7.6% | -10.7% |
| 2024 | +18.7% | -1.6% |
| 2025 | +1.6% | -4.9% |
| 2026 | +5.1% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHB and NEWT good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FHB and NEWT?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.64 over the last year and 0.56 over 5 years.
Is NEWT a good diversifier for FHB?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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/fhb-vs-newt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fhb-vs-newt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FHB correlations · NEWT correlations
