BFC vs MBWM: Correlation
Bank First Corporation (BFC) and Mercantile Bank Corporation (MBWM) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFC and MBWM?
Across a 3-year window, the weekly returns of BFC and MBWM correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 611.4 %².
In BFC's tracked universe of 13 assets, MBWM sits right near the top at #2. Over the last 12 months MBWM came out ahead by 5.3 percentage points (+18.4% against +23.7%).
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.
BFC vs MBWM: side by side
| BFC (Bank First Corporation) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +18.4% | +23.7% |
| 5-year return | +139.3% | +126.2% |
| Volatility (ann.) | 26.7% | 29.8% |
| Beta vs S&P 500 | 0.70 | 0.82 |
| Max drawdown (3Y) | -15.7% | -25.0% |
| Market cap | $1.7B | $1.0B |
| P/E (trailing) | 20.0 | 10.5 |
| Dividend yield | 1.27% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFC | MBWM |
|---|---|---|
| 2022 | +30.0% | -0.8% |
| 2023 | -5.3% | +25.8% |
| 2024 | +16.4% | +14.0% |
| 2025 | +28.7% | +11.7% |
| 2026 | +25.6% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFC and MBWM good diversifiers for each other?
To a limited degree. At 0.77 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 BFC and MBWM?
The BFC/MBWM correlation stands at 0.77 on a 3-year window (1 year: 0.71, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is MBWM a good diversifier for BFC?
To a limited degree. At 0.77 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 0.77 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/bfc-vs-mbwm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bfc-vs-mbwm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BFC correlations · MBWM correlations
