HDB vs IBN: Correlation
How closely do HDFC Bank Limited (HDB) and ICICI Bank Limited (IBN) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDB and IBN?
Over the past 3 years, HDB and IBN moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 295.1 %².
Few assets follow HDB as closely as IBN, which ranks #2 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with IBN ahead by 32.1 points (-37.9% versus -5.8%).
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.
HDB vs IBN: side by side
| HDB (HDFC Bank Limited) | IBN (ICICI Bank Limited) | |
|---|---|---|
| 1-year return | -37.9% | -5.8% |
| 5-year return | -38.6% | +60.9% |
| Volatility (ann.) | 25.1% | 20.2% |
| Beta vs S&P 500 | 0.44 | 0.46 |
| Max drawdown (3Y) | -42.4% | -26.2% |
| Market cap | $115.4B | $107.1B |
| P/E (trailing) | 15.7 | 18.7 |
| Dividend yield | 56.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDB | IBN |
|---|---|---|
| 2022 | +7.4% | +11.3% |
| 2023 | +0.2% | +9.8% |
| 2024 | -3.7% | +26.3% |
| 2025 | +15.9% | +0.6% |
| 2026 | -38.5% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDB and IBN good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HDB and IBN?
As of 2026-08-27, the correlation of weekly returns between HDB and IBN is 0.58 over 3 years, 0.61 over 1 year and 0.65 over 5 years.
Is IBN a good diversifier for HDB?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 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/hdb-vs-ibn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hdb-vs-ibn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HDB correlations · IBN correlations
