BOH vs FRME: Correlation
Bank of Hawaii Corporation (BOH) and First Merchants Corporation (FRME) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOH and FRME?
On 3 years of weekly data the BOH/FRME correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.82 over 3. The 5-year figure is 0.75, and annualized covariance runs at 710.1 %².
FRME is one of the assets that tracks BOH most closely: it ranks #3 out of the 12 assets we track against BOH. Over the last 12 months BOH came out ahead by 13.4 percentage points (+16.9% against +3.5%).
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.
BOH vs FRME: side by side
| BOH (Bank of Hawaii Corporation) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +16.9% | +3.5% |
| 5-year return | +14.3% | +22.0% |
| Volatility (ann.) | 29.1% | 29.8% |
| Beta vs S&P 500 | 0.71 | 0.78 |
| Max drawdown (3Y) | -24.2% | -23.9% |
| Market cap | $3.0B | $2.6B |
| P/E (trailing) | 14.4 | 13.4 |
| Dividend yield | 3.62% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOH | FRME |
|---|---|---|
| 2022 | -4.1% | +1.1% |
| 2023 | -1.5% | -5.8% |
| 2024 | +3.6% | +11.8% |
| 2025 | +0.0% | -2.5% |
| 2026 | +15.0% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOH and FRME good diversifiers for each other?
No: a correlation of 0.82 means BOH and FRME tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BOH and FRME?
As of 2026-08-27, the correlation of weekly returns between BOH and FRME is 0.82 over 3 years, 0.80 over 1 year and 0.75 over 5 years.
Is FRME a good diversifier for BOH?
No: a correlation of 0.82 means BOH and FRME tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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/boh-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boh-vs-frme/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOH correlations · FRME correlations
