BUSE vs CHMG: Correlation
How closely do First Busey Corporation (BUSE) and Chemung Financial Corp (CHMG) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and CHMG?
Over the past 3 years, BUSE and CHMG moved with a correlation of 0.70, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 499.8 %².
Among the 38 assets we track against BUSE, CHMG ranks #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CHMG outperformed by 28.1 percentage points (+27.5% for BUSE 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.
BUSE vs CHMG: side by side
| BUSE (First Busey Corporation) | CHMG (Chemung Financial Corp) | |
|---|---|---|
| 1-year return | +27.5% | +55.6% |
| 5-year return | +56.7% | +104.0% |
| Volatility (ann.) | 26.7% | 26.7% |
| Beta vs S&P 500 | 0.79 | 0.46 |
| Max drawdown (3Y) | -31.0% | -25.1% |
| Market cap | $2.5B | $0.4B |
| P/E (trailing) | 12.3 | 11.6 |
| Dividend yield | 3.39% | 1.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | CHMG |
|---|---|---|
| 2022 | -5.5% | +1.6% |
| 2023 | +5.1% | +11.7% |
| 2024 | -1.2% | +0.7% |
| 2025 | +5.5% | +17.3% |
| 2026 | +30.7% | +47.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and CHMG good diversifiers for each other?
To a limited degree. At 0.70 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 BUSE and CHMG?
As of 2026-08-27, the correlation of weekly returns between BUSE and CHMG is 0.70 over 3 years, 0.66 over 1 year and 0.57 over 5 years.
Is CHMG a good diversifier for BUSE?
To a limited degree. At 0.70 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 0.70 mean?
On the −1 to +1 scale, 0.70 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.
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Related comparisons
Hubs: BUSE correlations · CHMG correlations
