AROW vs THFF: Correlation
How closely do Arrow Financial Corporation (AROW) and First Financial Corporation (THFF) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and THFF?
Across a 3-year window, the weekly returns of AROW and THFF correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 707.3 %².
In AROW's tracked universe of 11 assets, THFF sits right near the top at #1. Their 12-month results are close: +34.7% for AROW against +38.8% for THFF.
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 THFF: side by side
| AROW (Arrow Financial Corporation) | THFF (First Financial Corporation) | |
|---|---|---|
| 1-year return | +34.7% | +38.8% |
| 5-year return | +32.7% | +135.2% |
| Volatility (ann.) | 30.3% | 28.2% |
| Beta vs S&P 500 | 0.73 | 0.81 |
| Max drawdown (3Y) | -29.9% | -20.2% |
| Market cap | $0.7B | $0.9B |
| P/E (trailing) | 12.3 | 11.1 |
| Dividend yield | 3.10% | 2.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | THFF |
|---|---|---|
| 2022 | +2.3% | +4.4% |
| 2023 | -13.4% | -2.6% |
| 2024 | +7.2% | +11.1% |
| 2025 | +13.9% | +36.2% |
| 2026 | +25.0% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and THFF good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AROW and THFF?
The AROW/THFF correlation stands at 0.83 on a 3-year window (1 year: 0.83, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is THFF a good diversifier for AROW?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arow-vs-thff.json
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Related comparisons
Hubs: AROW correlations · THFF correlations
