ACNB vs SHBI: Correlation
ACNB Corporation (ACNB) and Shore Bancshares, Inc. (SHBI) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACNB and SHBI?
Across a 3-year window, the weekly returns of ACNB and SHBI correlate at 0.77, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 843.6 %².
Within ACNB's tracked universe of 11 assets, SHBI comes in at #4 by 3-year correlation. The trailing year gives ACNB the advantage: +45.8% versus +37.7%, a 8.1-point spread.
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 SHBI: side by side
| ACNB (ACNB Corporation) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +45.8% | +37.7% |
| 5-year return | +163.7% | +51.7% |
| Volatility (ann.) | 33.7% | 32.6% |
| Beta vs S&P 500 | 0.81 | 0.89 |
| Max drawdown (3Y) | -34.6% | -31.9% |
| Market cap | $0.7B | $0.8B |
| P/E (trailing) | 12.1 | 11.7 |
| Dividend yield | 2.36% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACNB | SHBI |
|---|---|---|
| 2022 | +31.2% | -14.4% |
| 2023 | +16.2% | -15.1% |
| 2024 | -8.0% | +15.6% |
| 2025 | +25.2% | +15.0% |
| 2026 | +36.8% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACNB and SHBI good diversifiers for each other?
Only partially. A correlation of 0.77 means ACNB and SHBI 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 SHBI?
As of 2026-08-27, the correlation of weekly returns between ACNB and SHBI is 0.77 over 3 years, 0.81 over 1 year and 0.66 over 5 years.
Is SHBI a good diversifier for ACNB?
Only partially. A correlation of 0.77 means ACNB and SHBI 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/acnb-vs-shbi.json
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Related comparisons
Hubs: ACNB correlations · SHBI correlations
