ALRS vs PROV: Correlation
Measured on weekly returns over the past three years, Alerus Financial Corporation (ALRS) and Provident Financial Holdings, Inc. (PROV) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALRS and PROV?
Over the past 3 years, ALRS and PROV moved with a correlation of 0.36, which is moderate. The past 12 months show a tighter link (0.47) than the 3-year average (0.36). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 192.1 %².
Among the 16 assets we track against ALRS, PROV sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with ALRS ahead by 29.9 points (+53.2% versus +23.3%). Note the risk asymmetry: ALRS runs 1.8 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.
ALRS vs PROV: side by side
| ALRS (Alerus Financial Corporation) | PROV (Provident Financial Holdings, Inc.) | |
|---|---|---|
| 1-year return | +53.2% | +23.3% |
| 5-year return | +33.2% | +30.9% |
| Volatility (ann.) | 31.4% | 17.1% |
| Beta vs S&P 500 | 0.88 | 0.24 |
| Max drawdown (3Y) | -32.5% | -19.5% |
| Market cap | $0.8B | $0.1B |
| P/E (trailing) | 30.8 | 17.8 |
| Dividend yield | 2.56% | 3.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALRS | PROV |
|---|---|---|
| 2022 | -17.9% | -13.5% |
| 2023 | -0.2% | -4.3% |
| 2024 | -10.7% | +31.4% |
| 2025 | +21.7% | +3.7% |
| 2026 | +50.0% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALRS and PROV good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALRS and PROV?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.47 over the last year and 0.27 over 5 years.
Is PROV a good diversifier for ALRS?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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-prov.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alrs-vs-prov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALRS correlations · PROV correlations
