HWBK vs PEBK: Correlation
Measured on weekly returns over the past three years, Hawthorn Bancshares, Inc. (HWBK) and Peoples Bancorp of North Carolina, Inc. (PEBK) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and PEBK?
Across a 3-year window, the weekly returns of HWBK and PEBK correlate at 0.35, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.35). Stretching to 5 years gives 0.33, with an annualized covariance of 351.3 %².
In HWBK's tracked universe of 12 assets, PEBK sits right near the top at #3. Correlation aside, the last 12 months split them widely, with PEBK ahead by 21.4 points (+21.4% versus +42.8%).
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 PEBK: side by side
| HWBK (Hawthorn Bancshares, Inc.) | PEBK (Peoples Bancorp of North Carolina, Inc.) | |
|---|---|---|
| 1-year return | +21.4% | +42.8% |
| 5-year return | +114.2% | +80.5% |
| Volatility (ann.) | 33.4% | 30.3% |
| Beta vs S&P 500 | 0.50 | 0.76 |
| Max drawdown (3Y) | -27.9% | -25.2% |
| Market cap | $0.3B | $0.2B |
| P/E (trailing) | 10.6 | 12.0 |
| Dividend yield | 2.10% | 1.88% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWBK | PEBK |
|---|---|---|
| 2022 | -10.3% | +21.8% |
| 2023 | +25.6% | -1.4% |
| 2024 | +15.4% | +4.3% |
| 2025 | +26.3% | +19.7% |
| 2026 | +13.5% | +21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and PEBK good diversifiers for each other?
Reasonably. At 0.35, HWBK and PEBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HWBK and PEBK?
As of 2026-08-27, the correlation of weekly returns between HWBK and PEBK is 0.35 over 3 years, 0.24 over 1 year and 0.33 over 5 years.
Is PEBK a good diversifier for HWBK?
Reasonably. At 0.35, HWBK and PEBK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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-pebk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwbk-vs-pebk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWBK correlations · PEBK correlations
