HFWA vs SBSI: Correlation
Measured on weekly returns over the past three years, Heritage Financial Corporation (HFWA) and Southside Bancshares, Inc. (SBSI) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HFWA and SBSI?
Over the past 3 years, HFWA and SBSI moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.75) than the 3-year average (0.86). Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 647.8 %².
Within HFWA's tracked universe of 14 assets, SBSI comes in at #5 by 3-year correlation. The trailing year gives HFWA the advantage: +20.8% versus +6.4%, a 14.4-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.
HFWA vs SBSI: side by side
| HFWA (Heritage Financial Corporation) | SBSI (Southside Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +20.8% | +6.4% |
| 5-year return | +38.4% | +7.0% |
| Volatility (ann.) | 30.5% | 24.6% |
| Beta vs S&P 500 | 0.66 | 0.59 |
| Max drawdown (3Y) | -22.4% | -27.3% |
| Market cap | $1.2B | $1.0B |
| P/E (trailing) | 13.7 | 12.6 |
| Dividend yield | 3.34% | 4.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HFWA | SBSI |
|---|---|---|
| 2022 | +29.3% | -10.8% |
| 2023 | -26.9% | -8.9% |
| 2024 | +19.8% | +6.3% |
| 2025 | +0.6% | +0.5% |
| 2026 | +24.4% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HFWA and SBSI good diversifiers for each other?
No: a correlation of 0.86 means HFWA and SBSI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between HFWA and SBSI?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.75 over the last year and 0.78 over 5 years.
Is SBSI a good diversifier for HFWA?
No: a correlation of 0.86 means HFWA and SBSI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 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/hfwa-vs-sbsi.json
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HFWA correlations · SBSI correlations
