Hanover Bancorp Correlations

HNVR Stock

USD 23.74 1.73 6.79%

The current 90-days correlation between Hanover Bancorp and First Northwest Bancorp is 0.12 (i.e., Average diversification). The correlation of Hanover Bancorp is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Hanover Bancorp Correlation With Market

Average diversification

The correlation between Hanover Bancorp and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hanover Bancorp and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hanover Bancorp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

To learn how to invest in Hanover Stock, please use our How to Invest in Hanover Bancorp guide.

Moving together with Hanover Stock

0.79	AX	Axos Financial	Pair Corr
0.82	BY	Byline Bancorp Fiscal Year End 23rd of January 2025	Pair Corr
0.79	PB	Prosperity Bancshares Fiscal Year End 22nd of January 2025	Pair Corr
0.73	RF	Regions Financial Fiscal Year End 17th of January 2025	Pair Corr
0.78	VBTX	Veritex Holdings Fiscal Year End 28th of January 2025	Pair Corr
0.75	TECTP	Tectonic Financial	Pair Corr
0.68	EBMT	Eagle Bancorp Montana Fiscal Year End 28th of January 2025	Pair Corr
0.87	EBTC	Enterprise Bancorp	Pair Corr
0.84	EFSC	Enterprise Financial Fiscal Year End 27th of January 2025	Pair Corr
0.8	EGBN	Eagle Bancorp Fiscal Year End 22nd of January 2025	Pair Corr
0.75	WABC	Westamerica Bancorporation Fiscal Year End 16th of January 2025	Pair Corr
0.87	BANC-PF	Banc of California	Pair Corr
0.77	EQBK	Equity Bancshares, Fiscal Year End 22nd of January 2025	Pair Corr
0.76	ESSA	ESSA Bancorp	Pair Corr
0.89	EVBN	Evans Bancorp	Pair Corr
0.76	EWBC	East West Bancorp Fiscal Year End 28th of January 2025	Pair Corr
0.91	WSBCP	WesBanco	Pair Corr
0.63	WMPN	William Penn Bancorp	Pair Corr
0.92	WNEB	Western New England Fiscal Year End 28th of January 2025	Pair Corr

Moving against Hanover Stock

0.87	CFG-PE	Citizens Financial	Pair Corr
0.84	TFC-PO	Truist Financial	Pair Corr
0.83	TFC-PR	Truist Financial	Pair Corr
0.69	NU	Nu Holdings	Pair Corr
0.59	WF	Woori Financial Group	Pair Corr
0.49	KEY-PI	KeyCorp	Pair Corr
0.77	WAFDP	Washington Federal	Pair Corr
0.54	FRCIL	First Republic Bank	Pair Corr
0.49	SBNYL	Signature Bank	Pair Corr
0.44	FRCCL	First Republic Bank	Pair Corr
0.44	FRCHL	First Republic Bank	Pair Corr
0.43	FRCKL	First Republic Bank	Pair Corr
0.43	FRCML	First Republic Bank	Pair Corr
0.39	FRCLL	First Republic Bank	Pair Corr

Related Correlations Analysis

	HFBL	FNWB	CWBC	HTBI	LSBK
HFBL		0.02	0.01	-0.03	-0.15	HFBL
FNWB	0.02		0.65	0.59	-0.01	FNWB
CWBC	0.01	0.65		0.91	0.26	CWBC
HTBI	-0.03	0.59	0.91		0.25	HTBI
LSBK	-0.15	-0.01	0.26	0.25		LSBK
	HFBL	FNWB	CWBC	HTBI	LSBK

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

HTBI	+ 0.91	CWBC
CWBC	+ 0.65	FNWB
HTBI	+ 0.59	FNWB
LSBK	+ 0.26	CWBC
LSBK	+ 0.25	HTBI
FNWB	+ 0.02	HFBL

High negative correlations

LSBK	- 0.15	HFBL
HTBI	- 0.03	HFBL
LSBK	- 0.01	FNWB

Risk-Adjusted Indicators

There is a big difference between Hanover Stock performing well and Hanover Bancorp Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Hanover Bancorp's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HFBL	1.69	0.03	0.01	0.08	2.51	(2.47)	4.70	(4.49)	17.43
FNWB	1.56	(0.02)	(0.02)	(0.01)	1.74	(1.84)	3.17	(2.82)	14.21
CWBC	1.08	(0.11)	0.00	(0.06)	0.00	0.00	2.53	(2.35)	11.26
HTBI	1.44	(0.13)	0.00	(0.04)	0.00	0.00	2.80	(3.73)	18.89
LSBK	1.31	0.13	0.05	0.61	1.62	(1.87)	3.69	(3.49)	11.07

Hanover Bancorp Corporate Management

Michael Locorriere	Executive Officer	Profile
Michael CPA	CEO Chairman	Profile
Brian Finneran	President	Profile
Lisa Dilorio	First Officer	Profile

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