FSBC vs HE: Correlation
How closely do Five Star Bancorp (FSBC) and Hawaiian Electric Industries, Inc. (HE) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSBC and HE?
On 3 years of weekly data the FSBC/HE correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.53 over 3. The 5-year figure is 0.34, and annualized covariance runs at 847.6 %².
By 3-year correlation, HE places #9 of the 18 assets tracked against FSBC. The last year tells two different stories: FSBC led by 49.7 percentage points, +40.6% for FSBC against -9.1% for HE. Risk is not evenly split, since HE carries 2.2 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.
FSBC vs HE: side by side
| FSBC (Five Star Bancorp) | HE (Hawaiian Electric Industries, Inc.) | |
|---|---|---|
| 1-year return | +40.6% | -9.1% |
| 5-year return | +117.2% | -71.4% |
| Volatility (ann.) | 27.1% | 58.8% |
| Beta vs S&P 500 | 0.82 | 0.09 |
| Max drawdown (3Y) | -24.5% | -53.3% |
| Market cap | $1.1B | $2.0B |
| P/E (trailing) | 13.4 | 8.9 |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSBC | HE |
|---|---|---|
| 2022 | -7.2% | +4.3% |
| 2023 | -0.6% | -64.6% |
| 2024 | +18.6% | -31.4% |
| 2025 | +22.1% | +26.4% |
| 2026 | +28.8% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSBC and HE good diversifiers for each other?
Only partially. A correlation of 0.53 means FSBC and HE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FSBC and HE?
The FSBC/HE correlation stands at 0.53 on a 3-year window (1 year: 0.52, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is HE a good diversifier for FSBC?
Only partially. A correlation of 0.53 means FSBC and HE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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/fsbc-vs-he.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fsbc-vs-he/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSBC correlations · HE correlations
