HBNC vs NWFL: Correlation
Measured on weekly returns over the past three years, Horizon Bancorp, Inc. (HBNC) and Norwood Financial Corp. (NWFL) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and NWFL?
On 3 years of weekly data the HBNC/NWFL correlation comes out at 0.75, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 770.4 %².
Within HBNC's tracked universe of 17 assets, NWFL comes in at #10 by 3-year correlation. Over the last 12 months NWFL came out ahead by 12.2 percentage points (+22.1% against +34.3%).
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 NWFL: side by side
| HBNC (Horizon Bancorp, Inc.) | NWFL (Norwood Financial Corp.) | |
|---|---|---|
| 1-year return | +22.1% | +34.3% |
| 5-year return | +36.0% | +65.8% |
| Volatility (ann.) | 32.7% | 31.4% |
| Beta vs S&P 500 | 0.96 | 0.64 |
| Max drawdown (3Y) | -29.6% | -33.6% |
| Market cap | $1.0B | $0.4B |
| P/E (trailing) | – | 11.7 |
| Dividend yield | 3.27% | 3.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBNC | NWFL |
|---|---|---|
| 2022 | -25.3% | +34.1% |
| 2023 | +0.4% | +2.4% |
| 2024 | +18.2% | -13.6% |
| 2025 | +9.8% | +8.4% |
| 2026 | +18.3% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and NWFL good diversifiers for each other?
Only partially. A correlation of 0.75 means HBNC and NWFL 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 HBNC and NWFL?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.75 over the last year and 0.61 over 5 years.
Is NWFL a good diversifier for HBNC?
Only partially. A correlation of 0.75 means HBNC and NWFL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hbnc-vs-nwfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbnc-vs-nwfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBNC correlations · NWFL correlations
