HMN vs THG: Correlation
How closely do Horace Mann Educators Corporation (HMN) and Hanover Insurance Group Inc (THG) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMN and THG?
Over the past 3 years, HMN and THG moved with a correlation of 0.65, which is strong. Recent behaviour matches the longer record: 0.63 over 1 year against 0.65 over 3. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 284.1 %².
In HMN's tracked universe of 11 assets, THG sits right near the top at #1. Correlation aside, the last 12 months split them widely, with THG ahead by 17.2 points (+15.9% versus +33.1%).
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.
HMN vs THG: side by side
| HMN (Horace Mann Educators Corporation) | THG (Hanover Insurance Group Inc) | |
|---|---|---|
| 1-year return | +15.9% | +33.1% |
| 5-year return | +48.6% | +81.9% |
| Volatility (ann.) | 20.0% | 21.9% |
| Beta vs S&P 500 | 0.26 | 0.24 |
| Max drawdown (3Y) | -17.1% | -14.0% |
| Market cap | $2.1B | $7.9B |
| P/E (trailing) | 12.0 | 10.9 |
| Dividend yield | 2.76% | 1.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMN | THG |
|---|---|---|
| 2022 | -0.1% | +5.4% |
| 2023 | -8.8% | -7.6% |
| 2024 | +24.6% | +30.6% |
| 2025 | +21.5% | +20.7% |
| 2026 | +12.5% | +25.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMN and THG good diversifiers for each other?
Only partially. A correlation of 0.65 means HMN and THG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HMN and THG?
The HMN/THG correlation stands at 0.65 on a 3-year window (1 year: 0.63, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is THG a good diversifier for HMN?
Only partially. A correlation of 0.65 means HMN and THG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hmn-vs-thg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hmn-vs-thg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HMN correlations · THG correlations
