HBNC vs UVSP: Correlation
How closely do Horizon Bancorp, Inc. (HBNC) and Univest Financial Corporation (UVSP) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and UVSP?
Over the past 3 years, HBNC and UVSP moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 836.1 %².
Within HBNC's tracked universe of 17 assets, UVSP comes in at #4 by 3-year correlation. The trailing year gives UVSP the advantage: +22.1% versus +34.0%, a 11.9-point spread.
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 UVSP: side by side
| HBNC (Horizon Bancorp, Inc.) | UVSP (Univest Financial Corporation) | |
|---|---|---|
| 1-year return | +22.1% | +34.0% |
| 5-year return | +36.0% | +81.7% |
| Volatility (ann.) | 32.7% | 29.4% |
| Beta vs S&P 500 | 0.96 | 0.81 |
| Max drawdown (3Y) | -29.6% | -20.9% |
| Market cap | $1.0B | $1.1B |
| P/E (trailing) | – | 12.0 |
| Dividend yield | 3.27% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBNC | UVSP |
|---|---|---|
| 2022 | -25.3% | -9.9% |
| 2023 | +0.4% | -12.1% |
| 2024 | +18.2% | +38.8% |
| 2025 | +9.8% | +14.3% |
| 2026 | +18.3% | +29.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and UVSP good diversifiers for each other?
No. With a correlation of 0.87, HBNC and UVSP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HBNC and UVSP?
As of 2026-08-27, the correlation of weekly returns between HBNC and UVSP is 0.87 over 3 years, 0.91 over 1 year and 0.74 over 5 years.
Is UVSP a good diversifier for HBNC?
No. With a correlation of 0.87, HBNC and UVSP move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
A reading of 0.87 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-uvsp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbnc-vs-uvsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBNC correlations · UVSP correlations
