CBSH vs FNB: Correlation
Commerce Bancshares, Inc. (CBSH) and F.N.B. Corporation (FNB) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBSH and FNB?
Across a 3-year window, the weekly returns of CBSH and FNB correlate at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 530.0 %².
Few assets follow CBSH as closely as FNB, which ranks #3 of 13 tracked partners. Over the last 12 months FNB came out ahead by 14.4 percentage points (-1.0% against +13.4%).
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.
CBSH vs FNB: side by side
| CBSH (Commerce Bancshares, Inc.) | FNB (F.N.B. Corporation) | |
|---|---|---|
| 1-year return | -1.0% | +13.4% |
| 5-year return | +10.0% | +91.1% |
| Volatility (ann.) | 22.8% | 27.4% |
| Beta vs S&P 500 | 0.64 | 1.03 |
| Max drawdown (3Y) | -27.6% | -32.6% |
| Market cap | $8.3B | $6.6B |
| P/E (trailing) | 14.3 | 11.0 |
| Dividend yield | 1.84% | 2.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBSH | FNB |
|---|---|---|
| 2022 | +0.5% | +11.7% |
| 2023 | -15.9% | +9.8% |
| 2024 | +24.7% | +11.0% |
| 2025 | -10.2% | +19.4% |
| 2026 | +12.1% | +9.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBSH and FNB good diversifiers for each other?
No: a correlation of 0.85 means CBSH and FNB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CBSH and FNB?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.80 over the last year and 0.82 over 5 years.
Is FNB a good diversifier for CBSH?
No: a correlation of 0.85 means CBSH and FNB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cbsh-vs-fnb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cbsh-vs-fnb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBSH correlations · FNB correlations
