HBAN vs LUV: Correlation
How closely do Huntington Bancshares (HBAN) and Southwest Airlines (LUV) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and LUV?
Over the past 3 years, HBAN and LUV moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 669.5 %².
Within HBAN's tracked universe of 55 assets, LUV comes in at #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with LUV ahead by 23.7 points (-1.7% versus +22.0%). Across three years, the rolling one-year figure varied moderately, from 0.22 to 0.71.
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.
HBAN vs LUV: side by side
| HBAN (Huntington Bancshares) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | -1.7% | +22.0% |
| 5-year return | +36.8% | -12.3% |
| Volatility (ann.) | 29.8% | 40.5% |
| Beta vs S&P 500 | 1.07 | 1.11 |
| Max drawdown (3Y) | -30.0% | -33.5% |
| Market cap | $34.1B | $19.5B |
| P/E (trailing) | 13.1 | 25.5 |
| Dividend yield | 3.64% | 1.77% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | HBAN | LUV |
|---|---|---|
| 2022 | -4.4% | -21.4% |
| 2023 | -4.7% | -11.8% |
| 2024 | +33.7% | +19.1% |
| 2025 | +10.8% | +25.6% |
| 2026 | -0.9% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and LUV good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HBAN and LUV?
As of 2026-08-27, the correlation of weekly returns between HBAN and LUV is 0.56 over 3 years, 0.66 over 1 year and 0.51 over 5 years.
Is LUV a good diversifier for HBAN?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hban-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hban-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBAN correlations · LUV correlations
