FOA vs HBNC: Correlation
Measured on weekly returns over the past three years, Finance of America Companies Inc. (FOA) and Horizon Bancorp, Inc. (HBNC) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FOA and HBNC?
Across a 3-year window, the weekly returns of FOA and HBNC correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 1012.8 %².
Among the 10 assets we track against FOA, HBNC ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HBNC ahead by 52.5 points (-30.4% versus +22.1%). Risk is not evenly split, since FOA carries 2.4 times the volatility of the other side.
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.
FOA vs HBNC: side by side
| FOA (Finance of America Companies Inc.) | HBNC (Horizon Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -30.4% | +22.1% |
| 5-year return | -65.5% | +36.0% |
| Volatility (ann.) | 76.9% | 32.7% |
| Beta vs S&P 500 | 0.77 | 0.96 |
| Max drawdown (3Y) | -71.7% | -29.6% |
| Market cap | $0.2B | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FOA | HBNC |
|---|---|---|
| 2022 | -68.0% | -25.3% |
| 2023 | -13.4% | +0.4% |
| 2024 | +155.6% | +18.2% |
| 2025 | -13.9% | +9.8% |
| 2026 | -24.2% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FOA and HBNC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FOA and HBNC?
As of 2026-08-27, the correlation of weekly returns between FOA and HBNC is 0.40 over 3 years, 0.43 over 1 year and 0.32 over 5 years.
Is HBNC a good diversifier for FOA?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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.
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Related comparisons
Hubs: FOA correlations · HBNC correlations
