HWBK vs MWG: Correlation
How closely do Hawthorn Bancshares, Inc. (HWBK) and Multi Ways Holdings Limited Class A (MWG) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and MWG?
Across a 3-year window, the weekly returns of HWBK and MWG correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.22 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -642.9 %².
MWG is close to the least connected end of HWBK's tracked universe, ranking #11 of 12. The last year tells two different stories: HWBK led by 68.0 percentage points, +21.4% for HWBK against -46.6% for MWG. One caveat on sizing: MWG is 2.6 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.
HWBK vs MWG: side by side
| HWBK (Hawthorn Bancshares, Inc.) | MWG (Multi Ways Holdings Limited Class A) | |
|---|---|---|
| 1-year return | +21.4% | -46.6% |
| 5-year return | +114.2% | n/a |
| Volatility (ann.) | 33.4% | 87.1% |
| Beta vs S&P 500 | 0.50 | 0.47 |
| Max drawdown (3Y) | -27.9% | -81.5% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWBK | MWG |
|---|---|---|
| 2022 | -10.3% | – |
| 2023 | +25.6% | – |
| 2024 | +15.4% | +26.2% |
| 2025 | +26.3% | -6.3% |
| 2026 | +13.5% | -52.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and MWG good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HWBK and MWG?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.30 over the last year and n/a over 5 years.
Is MWG a good diversifier for HWBK?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/hwbk-vs-mwg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwbk-vs-mwg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HWBK correlations · MWG correlations
