AUB vs FRME: Correlation
How closely do Atlantic Union Bankshares Corporation (AUB) and First Merchants Corporation (FRME) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AUB and FRME?
Across a 3-year window, the weekly returns of AUB and FRME correlate at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.84, with an annualized covariance of 825.6 %².
By 3-year correlation, FRME places #7 of the 50 assets tracked against AUB. The last year tells two different stories: AUB led by 15.5 percentage points, +19.0% for AUB against +3.5% for FRME.
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.
AUB vs FRME: side by side
| AUB (Atlantic Union Bankshares Corporation) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +19.0% | +3.5% |
| 5-year return | +33.7% | +22.0% |
| Volatility (ann.) | 31.5% | 29.8% |
| Beta vs S&P 500 | 1.07 | 0.78 |
| Max drawdown (3Y) | -44.7% | -23.9% |
| Market cap | $5.8B | $2.6B |
| P/E (trailing) | 11.9 | 13.4 |
| Dividend yield | 3.56% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AUB | FRME |
|---|---|---|
| 2022 | -2.6% | +1.1% |
| 2023 | +8.1% | -5.8% |
| 2024 | +7.5% | +11.8% |
| 2025 | -2.7% | -2.5% |
| 2026 | +18.9% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AUB and FRME good diversifiers for each other?
No. With a correlation of 0.88, AUB and FRME move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AUB and FRME?
The AUB/FRME correlation stands at 0.88 on a 3-year window (1 year: 0.87, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is FRME a good diversifier for AUB?
No. With a correlation of 0.88, AUB and FRME move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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/aub-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aub-vs-frme/)
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Related comparisons
Hubs: AUB correlations · FRME correlations
