BWB vs FMBH: Correlation
Bridgewater Bancshares, Inc. (BWB) and First Mid Bancshares, Inc. (FMBH) 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 FMBH?
Across a 3-year window, the weekly returns of BWB and FMBH correlate at 0.79, strong. The link has loosened recently: the 1-year correlation (0.67) runs below the 3-year figure (0.79). Stretching to 5 years gives 0.75, with an annualized covariance of 627.5 %².
By 3-year correlation, FMBH places #4 of the 13 assets tracked against BWB. Twelve-month performance is nearly a tie, at +29.6% for BWB and +26.9% for FMBH.
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 FMBH: side by side
| BWB (Bridgewater Bancshares, Inc.) | FMBH (First Mid Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +29.6% | +26.9% |
| 5-year return | +31.0% | +40.9% |
| Volatility (ann.) | 30.6% | 26.0% |
| Beta vs S&P 500 | 1.00 | 0.76 |
| Max drawdown (3Y) | -22.2% | -27.5% |
| Market cap | $0.6B | $1.3B |
| P/E (trailing) | 11.5 | 12.5 |
| Dividend yield | 0.00% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | FMBH |
|---|---|---|
| 2022 | +0.3% | -23.2% |
| 2023 | -23.8% | +11.6% |
| 2024 | -0.1% | +9.1% |
| 2025 | +29.8% | +8.7% |
| 2026 | +21.6% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and FMBH good diversifiers for each other?
To a limited degree. At 0.79 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 BWB and FMBH?
The BWB/FMBH correlation stands at 0.79 on a 3-year window (1 year: 0.67, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is FMBH a good diversifier for BWB?
To a limited degree. At 0.79 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 0.79 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwb-vs-fmbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwb-vs-fmbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWB correlations · FMBH correlations
