AIRG vs FBNC: Correlation
How closely do Airgain, Inc. (AIRG) and First Bancorp (FBNC) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRG and FBNC?
On 3 years of weekly data the AIRG/FBNC correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.42 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 908.8 %².
Within AIRG's tracked universe of 11 assets, FBNC comes in at #4 by 3-year correlation. On 12-month performance AIRG holds a 8.9-point edge, +25.8% against +16.9%. Note the risk asymmetry: AIRG runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AIRG vs FBNC: side by side
| AIRG (Airgain, Inc.) | FBNC (First Bancorp) | |
|---|---|---|
| 1-year return | +25.8% | +16.9% |
| 5-year return | -63.5% | +72.4% |
| Volatility (ann.) | 72.0% | 30.0% |
| Beta vs S&P 500 | 1.03 | 0.89 |
| Max drawdown (3Y) | -70.2% | -26.0% |
| Market cap | $0.1B | $2.6B |
| P/E (trailing) | – | 19.9 |
| Dividend yield | 0.00% | 1.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRG | FBNC |
|---|---|---|
| 2022 | -38.8% | -4.2% |
| 2023 | -45.3% | -11.2% |
| 2024 | +98.3% | +21.7% |
| 2025 | -42.5% | +17.8% |
| 2026 | +29.6% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRG and FBNC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIRG and FBNC?
The AIRG/FBNC correlation stands at 0.42 on a 3-year window (1 year: 0.27, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is FBNC a good diversifier for AIRG?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/airg-vs-fbnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airg-vs-fbnc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIRG correlations · FBNC correlations
