AGM vs MBWM: Correlation
Measured on weekly returns over the past three years, Federal Agricultural Mortgage Corporation (AGM) and Mercantile Bank Corporation (MBWM) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGM and MBWM?
Across a 3-year window, the weekly returns of AGM and MBWM correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.62, with an annualized covariance of 588.4 %².
Among the 16 assets we track against AGM, MBWM ranks #4 by 3-year correlation. The trailing year gives MBWM the advantage: +11.4% versus +23.7%, a 12.3-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.
AGM vs MBWM: side by side
| AGM (Federal Agricultural Mortgage Corporation) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +11.4% | +23.7% |
| 5-year return | +167.7% | +126.2% |
| Volatility (ann.) | 30.2% | 29.8% |
| Beta vs S&P 500 | 0.85 | 0.82 |
| Max drawdown (3Y) | -32.5% | -25.0% |
| Market cap | $2.4B | $1.0B |
| P/E (trailing) | 11.9 | 10.5 |
| Dividend yield | 2.84% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGM | MBWM |
|---|---|---|
| 2022 | -5.8% | -0.8% |
| 2023 | +74.6% | +25.8% |
| 2024 | +6.1% | +14.0% |
| 2025 | -8.0% | +11.7% |
| 2026 | +29.3% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGM and MBWM good diversifiers for each other?
Only partially. A correlation of 0.65 means AGM and MBWM 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 AGM and MBWM?
The AGM/MBWM correlation stands at 0.65 on a 3-year window (1 year: 0.44, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is MBWM a good diversifier for AGM?
Only partially. A correlation of 0.65 means AGM and MBWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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.
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Related comparisons
Hubs: AGM correlations · MBWM correlations
