HWC vs MATW: Correlation
How closely do Hancock Whitney Corporation (HWC) and Matthews International Corporation (MATW) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWC and MATW?
On 3 years of weekly data the HWC/MATW correlation comes out at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 563.4 %².
Among the 34 assets we track against HWC, MATW ranks #28 by 3-year correlation. The last year tells two different stories: HWC led by 30.2 percentage points, +21.6% for HWC against -8.6% for MATW.
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.
HWC vs MATW: side by side
| HWC (Hancock Whitney Corporation) | MATW (Matthews International Corporation) | |
|---|---|---|
| 1-year return | +21.6% | -8.6% |
| 5-year return | +89.0% | -30.2% |
| Volatility (ann.) | 30.7% | 36.3% |
| Beta vs S&P 500 | 1.03 | 0.87 |
| Max drawdown (3Y) | -23.9% | -54.7% |
| Market cap | $6.0B | $0.7B |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 2.53% | 4.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWC | MATW |
|---|---|---|
| 2022 | -1.2% | -14.5% |
| 2023 | +3.3% | +23.4% |
| 2024 | +16.1% | -21.9% |
| 2025 | +20.0% | -1.5% |
| 2026 | +19.5% | -17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWC and MATW good diversifiers for each other?
Only partially. A correlation of 0.51 means HWC and MATW 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 HWC and MATW?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.43 over the last year and 0.49 over 5 years.
Is MATW a good diversifier for HWC?
Only partially. A correlation of 0.51 means HWC and MATW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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/hwc-vs-matw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwc-vs-matw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HWC correlations · MATW correlations
