HE vs PBAM: Correlation
Measured on weekly returns over the past three years, Hawaiian Electric Industries, Inc. (HE) and Private Bancorp of America, Inc. (PBAM) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and PBAM?
Across a 3-year window, the weekly returns of HE and PBAM correlate at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.45). Stretching to 5 years gives 0.29, with an annualized covariance of 497.2 %².
Among the 18 assets we track against HE, PBAM ranks #8 by 3-year correlation. The last year tells two different stories: PBAM led by 62.7 percentage points, -9.1% for HE against +53.6% for PBAM. One caveat on sizing: HE is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HE vs PBAM: side by side
| HE (Hawaiian Electric Industries, Inc.) | PBAM (Private Bancorp of America, Inc.) | |
|---|---|---|
| 1-year return | -9.1% | +53.6% |
| 5-year return | -71.4% | +253.3% |
| Volatility (ann.) | 58.8% | 19.0% |
| Beta vs S&P 500 | 0.09 | 0.13 |
| Max drawdown (3Y) | -53.3% | -14.8% |
| Market cap | $2.0B | $0.5B |
| P/E (trailing) | 8.9 | 11.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | PBAM |
|---|---|---|
| 2022 | +4.3% | +20.2% |
| 2023 | -64.6% | +8.1% |
| 2024 | -31.4% | +65.0% |
| 2025 | +26.4% | -0.4% |
| 2026 | -6.8% | +53.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and PBAM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HE and PBAM?
As of 2026-08-27, the correlation of weekly returns between HE and PBAM is 0.45 over 3 years, 0.09 over 1 year and 0.29 over 5 years.
Is PBAM a good diversifier for HE?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/he-vs-pbam.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/he-vs-pbam/)
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Related comparisons
Hubs: HE correlations · PBAM correlations
