AMAL vs IBCP: Correlation
Amalgamated Financial Corp. (AMAL) and Independent Bank Corporation (IBCP) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAL and IBCP?
Across a 3-year window, the weekly returns of AMAL and IBCP correlate at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 738.4 %².
Among the 11 assets we track against AMAL, IBCP ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AMAL ahead by 53.0 points (+66.7% versus +13.7%).
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.
AMAL vs IBCP: side by side
| AMAL (Amalgamated Financial Corp.) | IBCP (Independent Bank Corporation) | |
|---|---|---|
| 1-year return | +66.7% | +13.7% |
| 5-year return | +247.4% | +112.7% |
| Volatility (ann.) | 32.0% | 28.7% |
| Beta vs S&P 500 | 0.84 | 0.77 |
| Max drawdown (3Y) | -32.8% | -27.5% |
| Market cap | $1.5B | $0.8B |
| P/E (trailing) | 13.0 | 10.6 |
| Dividend yield | 1.34% | 2.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMAL | IBCP |
|---|---|---|
| 2022 | +39.8% | +4.3% |
| 2023 | +19.4% | +14.0% |
| 2024 | +26.3% | +38.5% |
| 2025 | -2.5% | -3.5% |
| 2026 | +53.6% | +15.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAL and IBCP good diversifiers for each other?
No: a correlation of 0.80 means AMAL and IBCP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AMAL and IBCP?
The AMAL/IBCP correlation stands at 0.80 on a 3-year window (1 year: 0.79, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is IBCP a good diversifier for AMAL?
No: a correlation of 0.80 means AMAL and IBCP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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/amal-vs-ibcp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amal-vs-ibcp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMAL correlations · IBCP correlations
