BWFG vs FMBH: Correlation
Bankwell Financial Group, Inc. (BWFG) and First Mid Bancshares, Inc. (FMBH) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and FMBH?
Over the past 3 years, BWFG and FMBH moved with a correlation of 0.76, which is strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 525.9 %².
Few assets follow BWFG as closely as FMBH, which ranks #1 of 13 tracked partners. The last year tells two different stories: BWFG led by 30.6 percentage points, +57.5% for BWFG against +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.
BWFG vs FMBH: side by side
| BWFG (Bankwell Financial Group, Inc.) | FMBH (First Mid Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +57.5% | +26.9% |
| 5-year return | +149.4% | +40.9% |
| Volatility (ann.) | 26.8% | 26.0% |
| Beta vs S&P 500 | 0.73 | 0.76 |
| Max drawdown (3Y) | -24.7% | -27.5% |
| Market cap | $0.5B | $1.3B |
| P/E (trailing) | 12.3 | 12.5 |
| Dividend yield | 1.22% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | FMBH |
|---|---|---|
| 2022 | -8.2% | -23.2% |
| 2023 | +5.8% | +11.6% |
| 2024 | +6.4% | +9.1% |
| 2025 | +50.3% | +8.7% |
| 2026 | +46.3% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and FMBH good diversifiers for each other?
Only partially. A correlation of 0.76 means BWFG and FMBH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BWFG and FMBH?
As of 2026-08-27, the correlation of weekly returns between BWFG and FMBH is 0.76 over 3 years, 0.77 over 1 year and 0.68 over 5 years.
Is FMBH a good diversifier for BWFG?
Only partially. A correlation of 0.76 means BWFG and FMBH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwfg-vs-fmbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwfg-vs-fmbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWFG correlations · FMBH correlations
