HWBK vs NOC: Correlation
Measured on weekly returns over the past three years, Hawthorn Bancshares, Inc. (HWBK) and Northrop Grumman (NOC) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and NOC?
Across a 3-year window, the weekly returns of HWBK and NOC correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.12, with an annualized covariance of -188.3 %².
Out of 12 assets tracked against HWBK, NOC lands near the bottom at #9. The last year tells two different stories: HWBK led by 27.0 percentage points, +21.4% for HWBK against -5.6% for NOC.
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 NOC: side by side
| HWBK (Hawthorn Bancshares, Inc.) | NOC (Northrop Grumman) | |
|---|---|---|
| 1-year return | +21.4% | -5.6% |
| 5-year return | +114.2% | +60.1% |
| Volatility (ann.) | 33.4% | 26.7% |
| Beta vs S&P 500 | 0.50 | 0.24 |
| Max drawdown (3Y) | -27.9% | -35.1% |
| Market cap | $0.3B | $77.4B |
| P/E (trailing) | 10.6 | 17.5 |
| Dividend yield | 2.10% | 1.71% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | HWBK | NOC |
|---|---|---|
| 2022 | -10.3% | +43.0% |
| 2023 | +25.6% | -12.8% |
| 2024 | +15.4% | +1.9% |
| 2025 | +26.3% | +23.6% |
| 2026 | +13.5% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and NOC good diversifiers for each other?
Yes. With a correlation of -0.21, HWBK and NOC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HWBK and NOC?
The HWBK/NOC correlation stands at -0.21 on a 3-year window (1 year: -0.13, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is NOC a good diversifier for HWBK?
Yes. With a correlation of -0.21, HWBK and NOC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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-noc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hwbk-vs-noc/)
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Related comparisons
Hubs: HWBK correlations · NOC correlations
