HBAN vs. HBNC

Last updated Jun 3, 2026

HBAN (Huntington Bancshares Incorporated) and HBNC (Horizon Bancorp, Inc.) are both stocks. Both operate in the Banks - Regional industry within the Financial Services sector. Over the past 10 years, HBAN returned 9.00%/yr vs 9.11%/yr for HBNC. At a 0.36 correlation, their price movements are largely independent.

Performance

HBAN vs. HBNC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Huntington Bancshares Incorporated (HBAN) and Horizon Bancorp, Inc. (HBNC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBAN achieves a -5.50% return, which is significantly lower than HBNC's 12.02% return. Both investments have delivered pretty close results over the past 10 years, with HBAN having a 9.00% annualized return and HBNC not far ahead at 9.11%.

HBAN

• 1D: 2.53%
• 1M: -2.41%
• YTD: -5.50%
• 6M: -0.12%
• 1Y: 8.18%
• 3Y*: 19.41%
• 5Y*: 5.09%
• 10Y*: 9.00%

HBNC

• 1D: 1.97%
• 1M: 1.75%
• YTD: 12.02%
• 6M: 10.14%
• 1Y: 30.96%
• 3Y*: 29.62%
• 5Y*: 4.77%
• 10Y*: 9.11%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HBAN vs. HBNC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBAN Huntington Bancshares Incorporated	-5.50%	10.78%	33.71%	-4.72%	-4.37%	27.05%	-11.06%	31.74%	-15.26%	13.00%
HBNC Horizon Bancorp, Inc.	12.02%	9.76%	18.19%	0.43%	-25.26%	35.43%	-12.86%	23.69%	-13.14%	1.06%

Correlation

The correlation between HBAN and HBNC is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 18, 2001	0.36

Over the past year, HBAN and HBNC have become more correlated (0.66) than their long-term average of 0.36, meaning their price movements have been converging.

Fundamentals

EPS HBAN : $1.46 HBNC : -$3.06
Total Revenue (TTM) HBAN : $12.49B HBNC : -$1.82M
Gross Profit (TTM) HBAN : $7.70B HBNC : -$97.09M
EBITDA (TTM) HBAN : $3.09B HBNC : -$218.68M

Return for Risk

HBAN vs. HBNC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HBAN

HBAN Risk / Return Rank: 47
HBAN Sharpe Ratio Rank: 51
HBAN Sortino Ratio Rank: 44
HBAN Omega Ratio Rank: 43
HBAN Calmar Ratio Rank: 49
HBAN Martin Ratio Rank: 48

HBNC

HBNC Risk / Return Rank: 71
HBNC Sharpe Ratio Rank: 74
HBNC Sortino Ratio Rank: 68
HBNC Omega Ratio Rank: 67
HBNC Calmar Ratio Rank: 72
HBNC Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HBAN vs. HBNC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Huntington Bancshares Incorporated (HBAN) and Horizon Bancorp, Inc. (HBNC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HBAN	HBNC	Difference
Sharpe ratio Return per unit of total volatility	0.32	1.12	-0.80
Sortino ratio Return per unit of downside risk	0.60	1.66	-1.06
Omega ratio Gain probability vs. loss probability	1.07	1.21	-0.14
Calmar ratio Return relative to maximum drawdown	0.37	1.84	-1.47
Martin ratio Return relative to average drawdown	0.77	5.31	-4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBAN vs. HBNC - Sharpe Ratio Comparison

The current HBAN Sharpe Ratio is 0.32, which is lower than the HBNC Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of HBAN and HBNC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HBAN	HBNC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	1.12	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.13	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.25	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.35	-0.25

Drawdowns

HBAN vs. HBNC - Drawdown Comparison

The maximum HBAN drawdown since its inception was -95.88%, which is greater than HBNC's maximum drawdown of -65.21%. Use the drawdown chart below to compare losses from any high point for HBAN and HBNC.

Drawdown Indicators

	HBAN	HBNC	Difference
Max Drawdown Largest peak-to-trough decline	-95.88%	-65.21%	-30.67%
Max Drawdown (1Y) Largest decline over 1 year	-21.26%	-16.65%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	-30.01%	-29.61%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-44.17%	-65.21%	+21.04%
Max Drawdown (10Y) Largest decline over 10 years	-54.98%	-65.21%	+10.23%
Current Drawdown Current decline from peak	-14.92%	-3.70%	-11.22%
Average Drawdown Average peak-to-trough decline	-33.18%	-16.89%	-16.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.14%	5.77%	+4.37%

Volatility

HBAN vs. HBNC - Volatility Comparison

Huntington Bancshares Incorporated (HBAN) has a higher volatility of 7.96% compared to Horizon Bancorp, Inc. (HBNC) at 6.52%. This indicates that HBAN's price experiences larger fluctuations and is considered to be riskier than HBNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBAN	HBNC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	6.52%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	19.97%	18.26%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	25.98%	27.78%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.50%	35.77%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.41%	36.87%	-2.46%

Dividends

HBAN vs. HBNC - Dividend Comparison

HBAN's dividend yield for the trailing twelve months is around 3.82%, more than HBNC's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBAN Huntington Bancshares Incorporated	3.82%	3.57%	3.81%	4.87%	4.40%	3.92%	4.75%	3.85%	4.19%	2.40%	2.19%	2.26%
HBNC Horizon Bancorp, Inc.	3.43%	3.77%	3.97%	4.47%	4.11%	2.54%	3.03%	2.32%	2.45%	1.73%	1.43%	1.54%

Financials

Frequently Asked Questions

Can I hold both HBAN and HBNC in my portfolio?

HBAN and HBNC have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBAN or HBNC?

HBAN has higher volatility (7.96%) compared to HBNC (6.52%). In terms of maximum drawdown, HBAN dropped -95.88% vs HBNC's -65.21%.

Which has better risk-adjusted returns?

HBNC currently has the higher Sharpe Ratio (1.12 vs 0.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.