HWC vs NTB: Correlation
Measured on weekly returns over the past three years, Hancock Whitney Corporation (HWC) and Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWC and NTB?
Over the past 3 years, HWC and NTB moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 554.0 %².
By 3-year correlation, NTB places #24 of the 34 assets tracked against HWC. Over the last 12 months NTB came out ahead by 12.4 percentage points (+21.6% against +34.0%).
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 NTB: side by side
| HWC (Hancock Whitney Corporation) | NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | |
|---|---|---|
| 1-year return | +21.6% | +34.0% |
| 5-year return | +89.0% | +125.2% |
| Volatility (ann.) | 30.7% | 23.5% |
| Beta vs S&P 500 | 1.03 | 0.71 |
| Max drawdown (3Y) | -23.9% | -14.7% |
| Market cap | $6.0B | $2.3B |
| P/E (trailing) | 14.7 | 10.4 |
| Dividend yield | 2.53% | 3.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWC | NTB |
|---|---|---|
| 2022 | -1.2% | -17.5% |
| 2023 | +3.3% | +14.3% |
| 2024 | +16.1% | +20.2% |
| 2025 | +20.0% | +41.0% |
| 2026 | +19.5% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWC and NTB good diversifiers for each other?
Only partially. A correlation of 0.77 means HWC and NTB 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 NTB?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.69 over the last year and 0.68 over 5 years.
Is NTB a good diversifier for HWC?
Only partially. A correlation of 0.77 means HWC and NTB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hwc-vs-ntb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hwc-vs-ntb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HWC correlations · NTB correlations
