CAC vs INDB: Correlation
How closely do Camden National Corporation (CAC) and Independent Bank Corp. (INDB) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and INDB?
On 3 years of weekly data the CAC/INDB correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 776.7 %².
Within CAC's tracked universe of 24 assets, INDB comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CAC ahead by 25.0 points (+43.3% versus +18.3%).
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.
CAC vs INDB: side by side
| CAC (Camden National Corporation) | INDB (Independent Bank Corp.) | |
|---|---|---|
| 1-year return | +43.3% | +18.3% |
| 5-year return | +51.3% | +28.6% |
| Volatility (ann.) | 29.0% | 30.9% |
| Beta vs S&P 500 | 0.87 | 0.85 |
| Max drawdown (3Y) | -26.0% | -30.8% |
| Market cap | $1.0B | $3.9B |
| P/E (trailing) | 10.9 | 14.9 |
| Dividend yield | 2.97% | 2.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAC | INDB |
|---|---|---|
| 2022 | -10.3% | +6.3% |
| 2023 | -5.0% | -18.9% |
| 2024 | +19.1% | +1.6% |
| 2025 | +5.8% | +17.9% |
| 2026 | +34.5% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and INDB good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CAC and INDB?
The CAC/INDB correlation stands at 0.87 on a 3-year window (1 year: 0.79, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is INDB a good diversifier for CAC?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 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/cac-vs-indb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cac-vs-indb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAC correlations · INDB correlations
