HE vs STBA: Correlation
Hawaiian Electric Industries, Inc. (HE) and S&T Bancorp, Inc. (STBA) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and STBA?
On 3 years of weekly data the HE/STBA correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.54). The 5-year figure is 0.44, and annualized covariance runs at 912.8 %².
Within HE's tracked universe of 18 assets, STBA comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with STBA ahead by 38.1 points (-9.1% versus +29.0%). Risk is not evenly split, since HE carries 2.0 times the volatility of the other side.
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 STBA: side by side
| HE (Hawaiian Electric Industries, Inc.) | STBA (S&T Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -9.1% | +29.0% |
| 5-year return | -71.4% | +102.2% |
| Volatility (ann.) | 58.8% | 28.7% |
| Beta vs S&P 500 | 0.09 | 0.68 |
| Max drawdown (3Y) | -53.3% | -26.1% |
| Market cap | $2.0B | $1.8B |
| P/E (trailing) | 8.9 | 13.3 |
| Dividend yield | 0.00% | 1.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | STBA |
|---|---|---|
| 2022 | +4.3% | +12.6% |
| 2023 | -64.6% | +2.1% |
| 2024 | -31.4% | +18.7% |
| 2025 | +26.4% | +6.7% |
| 2026 | -6.8% | +29.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and STBA good diversifiers for each other?
To a limited degree. At 0.54 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 HE and STBA?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.38 over the last year and 0.44 over 5 years.
Is STBA a good diversifier for HE?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/he-vs-stba.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/he-vs-stba/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HE correlations · STBA correlations
