HIHO vs ISBA: Correlation
Measured on weekly returns over the past three years, Highway Holdings Limited (HIHO) and Isabella Bank Corporation (ISBA) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIHO and ISBA?
Over the past 3 years, HIHO and ISBA moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.24). Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -564.5 %².
Out of 10 assets tracked against HIHO, ISBA lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months ISBA outperformed by 63.1 percentage points (-46.7% for HIHO against +16.4% for ISBA). One caveat on sizing: HIHO is 2.1 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.
HIHO vs ISBA: side by side
| HIHO (Highway Holdings Limited) | ISBA (Isabella Bank Corporation) | |
|---|---|---|
| 1-year return | -46.7% | +16.4% |
| 5-year return | -69.9% | +104.9% |
| Volatility (ann.) | 70.6% | 33.3% |
| Beta vs S&P 500 | 0.55 | 0.05 |
| Max drawdown (3Y) | -70.9% | -34.1% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 14.2 |
| Dividend yield | 0.00% | 2.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIHO | ISBA |
|---|---|---|
| 2022 | -43.3% | -3.5% |
| 2023 | +0.9% | -3.5% |
| 2024 | +3.5% | +27.7% |
| 2025 | -18.5% | +99.1% |
| 2026 | -41.3% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIHO and ISBA good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between HIHO and ISBA?
As of 2026-08-27, the correlation of weekly returns between HIHO and ISBA is -0.24 over 3 years, -0.38 over 1 year and -0.19 over 5 years.
Is ISBA a good diversifier for HIHO?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/hiho-vs-isba.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiho-vs-isba/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HIHO correlations · ISBA correlations
