BWB vs FCF: Correlation
Bridgewater Bancshares, Inc. (BWB) and First Commonwealth Financial Corporation (FCF) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and FCF?
On 3 years of weekly data the BWB/FCF correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 653.0 %².
FCF is one of the assets that tracks BWB most closely: it ranks #3 out of the 13 assets we track against BWB. Over the last 12 months BWB came out ahead by 9.3 percentage points (+29.6% against +20.3%).
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.
BWB vs FCF: side by side
| BWB (Bridgewater Bancshares, Inc.) | FCF (First Commonwealth Financial Corporation) | |
|---|---|---|
| 1-year return | +29.6% | +20.3% |
| 5-year return | +31.0% | +83.7% |
| Volatility (ann.) | 30.6% | 26.9% |
| Beta vs S&P 500 | 1.00 | 0.72 |
| Max drawdown (3Y) | -22.2% | -26.9% |
| Market cap | $0.6B | $2.1B |
| P/E (trailing) | 11.5 | 12.7 |
| Dividend yield | 0.00% | 2.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | FCF |
|---|---|---|
| 2022 | +0.3% | -10.3% |
| 2023 | -23.8% | +14.8% |
| 2024 | -0.1% | +13.4% |
| 2025 | +29.8% | +3.0% |
| 2026 | +21.6% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and FCF good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWB and FCF?
The BWB/FCF correlation stands at 0.79 on a 3-year window (1 year: 0.76, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is FCF a good diversifier for BWB?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 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.
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Related comparisons
Hubs: BWB correlations · FCF correlations
