HBNC vs PGC: Correlation
Measured on weekly returns over the past three years, Horizon Bancorp, Inc. (HBNC) and Peapack-Gl (PGC) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and PGC?
Over the past 3 years, HBNC and PGC moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 927.9 %².
Within HBNC's tracked universe of 17 assets, PGC comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PGC outperformed by 35.6 percentage points (+22.1% for HBNC against +57.7% for PGC).
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 PGC: side by side
| HBNC (Horizon Bancorp, Inc.) | PGC (Peapack-Gl) | |
|---|---|---|
| 1-year return | +22.1% | +57.7% |
| 5-year return | +36.0% | +41.8% |
| Volatility (ann.) | 32.7% | 34.4% |
| Beta vs S&P 500 | 0.96 | 0.88 |
| Max drawdown (3Y) | -29.6% | -34.2% |
| Market cap | $1.0B | $0.8B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | 3.27% | 0.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBNC | PGC |
|---|---|---|
| 2022 | -25.3% | +5.7% |
| 2023 | +0.4% | -19.3% |
| 2024 | +18.2% | +8.3% |
| 2025 | +9.8% | -12.5% |
| 2026 | +18.3% | +62.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and PGC good diversifiers for each other?
No: a correlation of 0.82 means HBNC and PGC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between HBNC and PGC?
As of 2026-08-27, the correlation of weekly returns between HBNC and PGC is 0.82 over 3 years, 0.76 over 1 year and 0.71 over 5 years.
Is PGC a good diversifier for HBNC?
No: a correlation of 0.82 means HBNC and PGC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 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/hbnc-vs-pgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hbnc-vs-pgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBNC correlations · PGC correlations
