HG vs L: Correlation
Measured on weekly returns over the past three years, Hamilton Insurance Group, Ltd. Class B (HG) and Loews Corporation (L) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and L?
Over the past 3 years, HG and L moved with a correlation of 0.49, which is moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.49). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 245.7 %².
In HG's tracked universe of 12 assets, L sits right near the top at #3. The last year tells two different stories: HG led by 41.4 percentage points, +55.6% for HG against +14.2% for L. One caveat on sizing: HG is 1.8 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.
HG vs L: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | L (Loews Corporation) | |
|---|---|---|
| 1-year return | +55.6% | +14.2% |
| 5-year return | n/a | +100.1% |
| Volatility (ann.) | 30.1% | 16.6% |
| Beta vs S&P 500 | 0.12 | 0.33 |
| Max drawdown (3Y) | -21.1% | -12.2% |
| Market cap | $3.5B | $22.5B |
| P/E (trailing) | 6.2 | 13.5 |
| Dividend yield | 0.00% | 0.23% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | HG | L |
|---|---|---|
| 2022 | – | +1.4% |
| 2023 | – | +19.8% |
| 2024 | +27.3% | +22.1% |
| 2025 | +46.6% | +24.7% |
| 2026 | +35.3% | +4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and L good diversifiers for each other?
Reasonably. At 0.49, HG and L keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HG and L?
As of 2026-08-27, the correlation of weekly returns between HG and L is 0.49 over 3 years, 0.62 over 1 year and n/a over 5 years.
Is L a good diversifier for HG?
Reasonably. At 0.49, HG and L keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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/hg-vs-l.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hg-vs-l/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HG correlations · L correlations
