ALRS vs FMBH: Correlation
How closely do Alerus Financial Corporation (ALRS) and First Mid Bancshares, Inc. (FMBH) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALRS and FMBH?
On 3 years of weekly data the ALRS/FMBH correlation comes out at 0.76, strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.76 over 3. The 5-year figure is 0.65, and annualized covariance runs at 622.3 %².
Few assets follow ALRS as closely as FMBH, which ranks #1 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months ALRS outperformed by 26.3 percentage points (+53.2% for ALRS 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.
ALRS vs FMBH: side by side
| ALRS (Alerus Financial Corporation) | FMBH (First Mid Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +53.2% | +26.9% |
| 5-year return | +33.2% | +40.9% |
| Volatility (ann.) | 31.4% | 26.0% |
| Beta vs S&P 500 | 0.88 | 0.76 |
| Max drawdown (3Y) | -32.5% | -27.5% |
| Market cap | $0.8B | $1.3B |
| P/E (trailing) | 30.8 | 12.5 |
| Dividend yield | 2.56% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALRS | FMBH |
|---|---|---|
| 2022 | -17.9% | -23.2% |
| 2023 | -0.2% | +11.6% |
| 2024 | -10.7% | +9.1% |
| 2025 | +21.7% | +8.7% |
| 2026 | +50.0% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALRS and FMBH good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ALRS and FMBH?
The ALRS/FMBH correlation stands at 0.76 on a 3-year window (1 year: 0.74, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is FMBH a good diversifier for ALRS?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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/alrs-vs-fmbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alrs-vs-fmbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALRS correlations · FMBH correlations
