FWONK vs HSBC: Correlation
How closely do Liberty Media Corporation - Series C Liberty Formula One (FWONK) and HSBC Holdings, plc. (HSBC) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONK and HSBC?
Across a 3-year window, the weekly returns of FWONK and HSBC correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 232.4 %².
HSBC is one of the assets that tracks FWONK most closely: it ranks #2 out of the 10 assets we track against FWONK. Correlation aside, the last 12 months split them widely, with HSBC ahead by 64.3 points (+2.3% versus +66.6%).
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.
FWONK vs HSBC: side by side
| FWONK (Liberty Media Corporation - Series C Liberty Formula One) | HSBC (HSBC Holdings, plc.) | |
|---|---|---|
| 1-year return | +2.3% | +66.6% |
| 5-year return | +110.9% | +420.9% |
| Volatility (ann.) | 25.2% | 22.1% |
| Beta vs S&P 500 | 0.54 | 0.68 |
| Max drawdown (3Y) | -24.8% | -21.8% |
| Market cap | $25.6B | $352.5B |
| P/E (trailing) | 127.6 | 14.8 |
| Dividend yield | 0.00% | 0.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWONK | HSBC |
|---|---|---|
| 2022 | -5.5% | +7.8% |
| 2023 | +9.2% | +39.4% |
| 2024 | +46.8% | +34.5% |
| 2025 | +6.3% | +67.9% |
| 2026 | +3.6% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONK and HSBC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FWONK and HSBC?
The FWONK/HSBC correlation stands at 0.42 on a 3-year window (1 year: 0.42, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is HSBC a good diversifier for FWONK?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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: FWONK correlations · HSBC correlations
