FHB vs SSB: Correlation
How closely do First Hawaiian, Inc. (FHB) and SouthState Bank Corporation (SSB) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHB and SSB?
On 3 years of weekly data the FHB/SSB correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.63 versus 0.86 over 3 years. The 5-year figure is 0.80, and annualized covariance runs at 626.7 %².
By 3-year correlation, SSB places #5 of the 18 assets tracked against FHB. Twelve-month performance is nearly a tie, at +3.3% for FHB and +6.8% for SSB.
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 SSB: side by side
| FHB (First Hawaiian, Inc.) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +3.3% | +6.8% |
| 5-year return | +16.4% | +76.5% |
| Volatility (ann.) | 25.6% | 28.6% |
| Beta vs S&P 500 | 0.77 | 0.95 |
| Max drawdown (3Y) | -24.3% | -27.6% |
| Market cap | $3.1B | $10.3B |
| P/E (trailing) | 11.3 | 11.2 |
| Dividend yield | 4.01% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHB | SSB |
|---|---|---|
| 2022 | -0.9% | -2.4% |
| 2023 | -7.6% | +13.8% |
| 2024 | +18.7% | +20.7% |
| 2025 | +1.6% | -3.1% |
| 2026 | +5.1% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHB and SSB good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FHB and SSB?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.63 over the last year and 0.80 over 5 years.
Is SSB a good diversifier for FHB?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: FHB correlations · SSB correlations
