HWBK vs UNB: Correlation
How closely do Hawthorn Bancshares, Inc. (HWBK) and Union Bankshares, Inc. (UNB) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and UNB?
On 3 years of weekly data the HWBK/UNB correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.35). The 5-year figure is 0.34, and annualized covariance runs at 404.4 %².
Within HWBK's tracked universe of 12 assets, UNB comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HWBK ahead by 26.9 points (+21.4% versus -5.5%).
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 UNB: side by side
| HWBK (Hawthorn Bancshares, Inc.) | UNB (Union Bankshares, Inc.) | |
|---|---|---|
| 1-year return | +21.4% | -5.5% |
| 5-year return | +114.2% | -7.4% |
| Volatility (ann.) | 33.4% | 34.7% |
| Beta vs S&P 500 | 0.50 | 0.57 |
| Max drawdown (3Y) | -27.9% | -40.1% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 10.6 | 9.1 |
| Dividend yield | 2.10% | 6.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWBK | UNB |
|---|---|---|
| 2022 | -10.3% | -15.4% |
| 2023 | +25.6% | +35.3% |
| 2024 | +15.4% | -0.7% |
| 2025 | +26.3% | -13.8% |
| 2026 | +13.5% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and UNB good diversifiers for each other?
Reasonably. At 0.35, HWBK and UNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HWBK and UNB?
The HWBK/UNB correlation stands at 0.35 on a 3-year window (1 year: 0.22, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is UNB a good diversifier for HWBK?
Reasonably. At 0.35, HWBK and UNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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/hwbk-vs-unb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwbk-vs-unb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWBK correlations · UNB correlations
