ASRV vs CNOB: Correlation
How closely do AmeriServ Financial Inc. (ASRV) and ConnectOne Bancorp, Inc. (CNOB) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASRV and CNOB?
Across a 3-year window, the weekly returns of ASRV and CNOB correlate at 0.35, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.35). Stretching to 5 years gives 0.35, with an annualized covariance of 409.2 %².
In ASRV's tracked universe of 11 assets, CNOB sits right near the top at #3. Correlation aside, the last 12 months split them widely, with ASRV ahead by 35.8 points (+63.3% versus +27.5%).
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.
ASRV vs CNOB: side by side
| ASRV (AmeriServ Financial Inc.) | CNOB (ConnectOne Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +63.3% | +27.5% |
| 5-year return | +50.5% | +28.9% |
| Volatility (ann.) | 34.7% | 33.9% |
| Beta vs S&P 500 | 0.31 | 0.94 |
| Max drawdown (3Y) | -32.9% | -26.6% |
| Market cap | $0.1B | $1.6B |
| P/E (trailing) | 9.9 | 9.9 |
| Dividend yield | 2.36% | 2.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASRV | CNOB |
|---|---|---|
| 2022 | +5.0% | -24.4% |
| 2023 | -14.5% | -1.8% |
| 2024 | -13.4% | +3.3% |
| 2025 | +24.3% | +17.8% |
| 2026 | +55.6% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASRV and CNOB good diversifiers for each other?
Reasonably. At 0.35, ASRV and CNOB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASRV and CNOB?
The ASRV/CNOB correlation stands at 0.35 on a 3-year window (1 year: 0.20, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is CNOB a good diversifier for ASRV?
Reasonably. At 0.35, ASRV and CNOB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASRV correlations · CNOB correlations
