BHB vs CHMG: Correlation
Bar Harbor Bankshares, Inc. (BHB) and Chemung Financial Corp (CHMG) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHB and CHMG?
Across a 3-year window, the weekly returns of BHB and CHMG correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 535.6 %².
By 3-year correlation, CHMG places #10 of the 21 assets tracked against BHB. The last year tells two different stories: CHMG led by 29.4 percentage points, +26.2% for BHB against +55.6% for CHMG.
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.
BHB vs CHMG: side by side
| BHB (Bar Harbor Bankshares, Inc.) | CHMG (Chemung Financial Corp) | |
|---|---|---|
| 1-year return | +26.2% | +55.6% |
| 5-year return | +75.3% | +104.0% |
| Volatility (ann.) | 28.3% | 26.7% |
| Beta vs S&P 500 | 0.67 | 0.46 |
| Max drawdown (3Y) | -27.1% | -25.1% |
| Market cap | $0.7B | $0.4B |
| P/E (trailing) | 13.3 | 11.6 |
| Dividend yield | 3.31% | 1.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHB | CHMG |
|---|---|---|
| 2022 | +14.8% | +1.6% |
| 2023 | -4.5% | +11.7% |
| 2024 | +8.6% | +0.7% |
| 2025 | +5.7% | +17.3% |
| 2026 | +29.9% | +47.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHB and CHMG good diversifiers for each other?
Only partially. A correlation of 0.71 means BHB and CHMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BHB and CHMG?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.73 over the last year and 0.57 over 5 years.
Is CHMG a good diversifier for BHB?
Only partially. A correlation of 0.71 means BHB and CHMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/bhb-vs-chmg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhb-vs-chmg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHB correlations · CHMG correlations
