BFH vs FNB: Correlation
How closely do Bread Financial Holdings, Inc. (BFH) and F.N.B. Corporation (FNB) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFH and FNB?
Over the past 3 years, BFH and FNB moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 769.3 %².
Among the 11 assets we track against BFH, FNB ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BFH outperformed by 53.4 percentage points (+66.8% for BFH against +13.4% for FNB). Note the risk asymmetry: BFH runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BFH vs FNB: side by side
| BFH (Bread Financial Holdings, Inc.) | FNB (F.N.B. Corporation) | |
|---|---|---|
| 1-year return | +66.8% | +13.4% |
| 5-year return | +55.9% | +91.1% |
| Volatility (ann.) | 42.0% | 27.4% |
| Beta vs S&P 500 | 1.26 | 1.03 |
| Max drawdown (3Y) | -36.7% | -32.6% |
| Market cap | $4.2B | $6.6B |
| P/E (trailing) | 8.3 | 11.0 |
| Dividend yield | 0.84% | 2.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFH | FNB |
|---|---|---|
| 2022 | -42.4% | +11.7% |
| 2023 | -10.2% | +9.8% |
| 2024 | +89.0% | +11.0% |
| 2025 | +23.1% | +19.4% |
| 2026 | +46.7% | +9.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFH and FNB good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BFH and FNB?
As of 2026-08-27, the correlation of weekly returns between BFH and FNB is 0.67 over 3 years, 0.64 over 1 year and 0.61 over 5 years.
Is FNB a good diversifier for BFH?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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
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[](https://www.pairbook.io/pair/bfh-vs-fnb/)
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Related comparisons
Hubs: BFH correlations · FNB correlations
