FHB vs VCEL: Correlation
Measured on weekly returns over the past three years, First Hawaiian, Inc. (FHB) and Vericel Corporation (VCEL) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHB and VCEL?
Over the past 3 years, FHB and VCEL moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 527.4 %².
Among the 18 assets we track against FHB, VCEL ranks #10 by 3-year correlation. On 12-month performance VCEL holds a 11.4-point edge, +3.3% against +14.7%. Note the risk asymmetry: VCEL runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VCEL: side by side
| FHB (First Hawaiian, Inc.) | VCEL (Vericel Corporation) | |
|---|---|---|
| 1-year return | +3.3% | +14.7% |
| 5-year return | +16.4% | -26.0% |
| Volatility (ann.) | 25.6% | 41.9% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -24.3% | -52.5% |
| Market cap | $3.1B | $2.1B |
| P/E (trailing) | 11.3 | 87.6 |
| Dividend yield | 4.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHB | VCEL |
|---|---|---|
| 2022 | -0.9% | -33.0% |
| 2023 | -7.6% | +35.2% |
| 2024 | +18.7% | +54.2% |
| 2025 | +1.6% | -34.4% |
| 2026 | +5.1% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHB and VCEL good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FHB and VCEL?
The FHB/VCEL correlation stands at 0.49 on a 3-year window (1 year: 0.44, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is VCEL a good diversifier for FHB?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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-vcel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhb-vs-vcel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FHB correlations · VCEL correlations
