HBNC vs VLY: Correlation
Horizon Bancorp, Inc. (HBNC) and Valley National Bancorp (VLY) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and VLY?
On 3 years of weekly data the HBNC/VLY correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 884.6 %².
Within HBNC's tracked universe of 17 assets, VLY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VLY ahead by 15.8 points (+22.1% versus +37.9%).
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 VLY: side by side
| HBNC (Horizon Bancorp, Inc.) | VLY (Valley National Bancorp) | |
|---|---|---|
| 1-year return | +22.1% | +37.9% |
| 5-year return | +36.0% | +32.9% |
| Volatility (ann.) | 32.7% | 32.8% |
| Beta vs S&P 500 | 0.96 | 0.93 |
| Max drawdown (3Y) | -29.6% | -39.5% |
| Market cap | $1.0B | $7.7B |
| P/E (trailing) | – | 11.9 |
| Dividend yield | 3.27% | 3.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBNC | VLY |
|---|---|---|
| 2022 | -25.3% | -14.6% |
| 2023 | +0.4% | +0.7% |
| 2024 | +18.2% | -11.9% |
| 2025 | +9.8% | +34.8% |
| 2026 | +18.3% | +21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and VLY good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HBNC and VLY?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.79 over the last year and 0.75 over 5 years.
Is VLY a good diversifier for HBNC?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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-vly.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbnc-vs-vly/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBNC correlations · VLY correlations
