BUSE vs SHBI: Correlation
How closely do First Busey Corporation (BUSE) and Shore Bancshares, Inc. (SHBI) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and SHBI?
On 3 years of weekly data the BUSE/SHBI correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.88 over 3. The 5-year figure is 0.78, and annualized covariance runs at 763.5 %².
Among the 38 assets we track against BUSE, SHBI ranks #6 by 3-year correlation. The trailing year gives SHBI the advantage: +27.5% versus +37.7%, a 10.2-point spread.
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 SHBI: side by side
| BUSE (First Busey Corporation) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +27.5% | +37.7% |
| 5-year return | +56.7% | +51.7% |
| Volatility (ann.) | 26.7% | 32.6% |
| Beta vs S&P 500 | 0.79 | 0.89 |
| Max drawdown (3Y) | -31.0% | -31.9% |
| Market cap | $2.5B | $0.8B |
| P/E (trailing) | 12.3 | 11.7 |
| Dividend yield | 3.39% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | SHBI |
|---|---|---|
| 2022 | -5.5% | -14.4% |
| 2023 | +5.1% | -15.1% |
| 2024 | -1.2% | +15.6% |
| 2025 | +5.5% | +15.0% |
| 2026 | +30.7% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and SHBI good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BUSE and SHBI?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.85 over the last year and 0.78 over 5 years.
Is SHBI a good diversifier for BUSE?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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 · SHBI correlations
