ACNB vs FMBH: Correlation
How closely do ACNB Corporation (ACNB) and First Mid Bancshares, Inc. (FMBH) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACNB and FMBH?
Across a 3-year window, the weekly returns of ACNB and FMBH correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 674.6 %².
In ACNB's tracked universe of 11 assets, FMBH sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months ACNB outperformed by 18.9 percentage points (+45.8% for ACNB against +26.9% for FMBH).
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.
ACNB vs FMBH: side by side
| ACNB (ACNB Corporation) | FMBH (First Mid Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +45.8% | +26.9% |
| 5-year return | +163.7% | +40.9% |
| Volatility (ann.) | 33.7% | 26.0% |
| Beta vs S&P 500 | 0.81 | 0.76 |
| Max drawdown (3Y) | -34.6% | -27.5% |
| Market cap | $0.7B | $1.3B |
| P/E (trailing) | 12.1 | 12.5 |
| Dividend yield | 2.36% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACNB | FMBH |
|---|---|---|
| 2022 | +31.2% | -23.2% |
| 2023 | +16.2% | +11.6% |
| 2024 | -8.0% | +9.1% |
| 2025 | +25.2% | +8.7% |
| 2026 | +36.8% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACNB and FMBH good diversifiers for each other?
Only partially. A correlation of 0.77 means ACNB and FMBH 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 ACNB and FMBH?
The ACNB/FMBH correlation stands at 0.77 on a 3-year window (1 year: 0.80, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is FMBH a good diversifier for ACNB?
Only partially. A correlation of 0.77 means ACNB and FMBH 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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acnb-vs-fmbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acnb-vs-fmbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACNB correlations · FMBH correlations
