CBL vs FRME: Correlation
How closely do CBL & Associates Properties, Inc. (CBL) and First Merchants Corporation (FRME) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBL and FRME?
Across a 3-year window, the weekly returns of CBL and FRME correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 456.5 %².
Within CBL's tracked universe of 10 assets, FRME comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CBL ahead by 81.7 points (+85.2% versus +3.5%).
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.
CBL vs FRME: side by side
| CBL (CBL & Associates Properties, Inc.) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +85.2% | +3.5% |
| 5-year return | +159.7% | +22.0% |
| Volatility (ann.) | 26.3% | 29.8% |
| Beta vs S&P 500 | 0.66 | 0.78 |
| Max drawdown (3Y) | -29.1% | -23.9% |
| Market cap | $1.7B | $2.6B |
| P/E (trailing) | 7.9 | 13.4 |
| Dividend yield | 3.27% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBL | FRME |
|---|---|---|
| 2022 | -18.0% | +1.1% |
| 2023 | +13.0% | -5.8% |
| 2024 | +28.5% | +11.8% |
| 2025 | +37.2% | -2.5% |
| 2026 | +52.8% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBL and FRME good diversifiers for each other?
To a limited degree. At 0.58 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 CBL and FRME?
As of 2026-08-27, the correlation of weekly returns between CBL and FRME is 0.58 over 3 years, 0.54 over 1 year and 0.46 over 5 years.
Is FRME a good diversifier for CBL?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/cbl-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbl-vs-frme/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBL correlations · FRME correlations
