CBNK vs FRME: Correlation
Capital Bancorp, Inc. (CBNK) and First Merchants Corporation (FRME) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBNK and FRME?
Across a 3-year window, the weekly returns of CBNK and FRME correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 668.3 %².
Among the 18 assets we track against CBNK, FRME ranks #5 by 3-year correlation. Their 12-month results are close: +7.3% for CBNK against +3.5% for FRME.
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.
CBNK vs FRME: side by side
| CBNK (Capital Bancorp, Inc.) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +7.3% | +3.5% |
| 5-year return | +69.0% | +22.0% |
| Volatility (ann.) | 27.3% | 29.8% |
| Beta vs S&P 500 | 0.63 | 0.78 |
| Max drawdown (3Y) | -24.8% | -23.9% |
| Market cap | $0.6B | $2.6B |
| P/E (trailing) | 10.7 | 13.4 |
| Dividend yield | 1.32% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBNK | FRME |
|---|---|---|
| 2022 | -9.3% | +1.1% |
| 2023 | +4.3% | -5.8% |
| 2024 | +19.7% | +11.8% |
| 2025 | +0.3% | -2.5% |
| 2026 | +30.5% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBNK and FRME good diversifiers for each other?
No. With a correlation of 0.82, CBNK and FRME move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CBNK and FRME?
The CBNK/FRME correlation stands at 0.82 on a 3-year window (1 year: 0.82, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is FRME a good diversifier for CBNK?
No. With a correlation of 0.82, CBNK and FRME move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 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/cbnk-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbnk-vs-frme/)
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Related comparisons
Hubs: CBNK correlations · FRME correlations
