ATLO vs CZNC: Correlation
How closely do Ames National Corporation (ATLO) and Citizens & Northern Corp (CZNC) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATLO and CZNC?
Over the past 3 years, ATLO and CZNC moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 502.4 %².
Few assets follow ATLO as closely as CZNC, which ranks #1 of 11 tracked partners. The last year tells two different stories: ATLO led by 31.0 percentage points, +63.5% for ATLO against +32.5% for CZNC.
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.
ATLO vs CZNC: side by side
| ATLO (Ames National Corporation) | CZNC (Citizens & Northern Corp) | |
|---|---|---|
| 1-year return | +63.5% | +32.5% |
| 5-year return | +67.0% | +31.8% |
| Volatility (ann.) | 26.4% | 27.6% |
| Beta vs S&P 500 | 0.51 | 0.57 |
| Max drawdown (3Y) | -25.4% | -26.1% |
| Market cap | $0.3B | $0.5B |
| P/E (trailing) | 12.1 | 17.3 |
| Dividend yield | 2.81% | 4.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATLO | CZNC |
|---|---|---|
| 2022 | +1.0% | -8.4% |
| 2023 | -4.5% | +3.7% |
| 2024 | -19.0% | -12.2% |
| 2025 | +45.7% | +14.9% |
| 2026 | +39.2% | +31.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATLO and CZNC good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ATLO and CZNC?
The ATLO/CZNC correlation stands at 0.69 on a 3-year window (1 year: 0.74, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is CZNC a good diversifier for ATLO?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/atlo-vs-cznc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/atlo-vs-cznc/)
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Related comparisons
Hubs: ATLO correlations · CZNC correlations
