AROW vs FCF: Correlation
Measured on weekly returns over the past three years, Arrow Financial Corporation (AROW) and First Commonwealth Financial Corporation (FCF) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and FCF?
Over the past 3 years, AROW and FCF moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.81 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 659.4 %².
By 3-year correlation, FCF places #5 of the 11 assets tracked against AROW. On 12-month performance AROW holds a 14.4-point edge, +34.7% against +20.3%.
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.
AROW vs FCF: side by side
| AROW (Arrow Financial Corporation) | FCF (First Commonwealth Financial Corporation) | |
|---|---|---|
| 1-year return | +34.7% | +20.3% |
| 5-year return | +32.7% | +83.7% |
| Volatility (ann.) | 30.3% | 26.9% |
| Beta vs S&P 500 | 0.73 | 0.72 |
| Max drawdown (3Y) | -29.9% | -26.9% |
| Market cap | $0.7B | $2.1B |
| P/E (trailing) | 12.3 | 12.7 |
| Dividend yield | 3.10% | 2.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | FCF |
|---|---|---|
| 2022 | +2.3% | -10.3% |
| 2023 | -13.4% | +14.8% |
| 2024 | +7.2% | +13.4% |
| 2025 | +13.9% | +3.0% |
| 2026 | +25.0% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and FCF good diversifiers for each other?
No. With a correlation of 0.81, AROW and FCF move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AROW and FCF?
As of 2026-08-27, the correlation of weekly returns between AROW and FCF is 0.81 over 3 years, 0.80 over 1 year and 0.70 over 5 years.
Is FCF a good diversifier for AROW?
No. With a correlation of 0.81, AROW and FCF move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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/arow-vs-fcf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arow-vs-fcf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AROW correlations · FCF correlations
