HBNC vs MPB: Correlation
How closely do Horizon Bancorp, Inc. (HBNC) and Mid Penn Bancorp (MPB) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and MPB?
Over the past 3 years, HBNC and MPB moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.80 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 730.7 %².
Within HBNC's tracked universe of 17 assets, MPB comes in at #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.1% for HBNC and +25.2% for MPB.
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.
HBNC vs MPB: side by side
| HBNC (Horizon Bancorp, Inc.) | MPB (Mid Penn Bancorp) | |
|---|---|---|
| 1-year return | +22.1% | +25.2% |
| 5-year return | +36.0% | +61.4% |
| Volatility (ann.) | 32.7% | 27.8% |
| Beta vs S&P 500 | 0.96 | 0.71 |
| Max drawdown (3Y) | -29.6% | -26.8% |
| Market cap | $1.0B | $0.9B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 3.27% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBNC | MPB |
|---|---|---|
| 2022 | -25.3% | -2.9% |
| 2023 | +0.4% | -16.1% |
| 2024 | +18.2% | +22.8% |
| 2025 | +9.8% | +10.7% |
| 2026 | +18.3% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and MPB good diversifiers for each other?
No. With a correlation of 0.80, HBNC and MPB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HBNC and MPB?
As of 2026-08-27, the correlation of weekly returns between HBNC and MPB is 0.80 over 3 years, 0.84 over 1 year and 0.68 over 5 years.
Is MPB a good diversifier for HBNC?
No. With a correlation of 0.80, HBNC and MPB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 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
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Related comparisons
Hubs: HBNC correlations · MPB correlations
