BUSE vs CNOB: Correlation
First Busey Corporation (BUSE) and ConnectOne Bancorp, Inc. (CNOB) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and CNOB?
Across a 3-year window, the weekly returns of BUSE and CNOB correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 785.0 %².
Within BUSE's tracked universe of 38 assets, CNOB comes in at #9 by 3-year correlation. Neither side won the trailing year by much: +27.5% against +27.5%.
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.
BUSE vs CNOB: side by side
| BUSE (First Busey Corporation) | CNOB (ConnectOne Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +27.5% | +27.5% |
| 5-year return | +56.7% | +28.9% |
| Volatility (ann.) | 26.7% | 33.9% |
| Beta vs S&P 500 | 0.79 | 0.94 |
| Max drawdown (3Y) | -31.0% | -26.6% |
| Market cap | $2.5B | $1.6B |
| P/E (trailing) | 12.3 | 9.9 |
| Dividend yield | 3.39% | 2.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | CNOB |
|---|---|---|
| 2022 | -5.5% | -24.4% |
| 2023 | +5.1% | -1.8% |
| 2024 | -1.2% | +3.3% |
| 2025 | +5.5% | +17.8% |
| 2026 | +30.7% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and CNOB good diversifiers for each other?
No: a correlation of 0.87 means BUSE and CNOB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BUSE and CNOB?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.81 over the last year and 0.81 over 5 years.
Is CNOB a good diversifier for BUSE?
No: a correlation of 0.87 means BUSE and CNOB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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 · CNOB correlations
