CCNE vs FSBW: Correlation
How closely do CNB Financial Corporation (CCNE) and FS Bancorp, Inc. (FSBW) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCNE and FSBW?
Across a 3-year window, the weekly returns of CCNE and FSBW correlate at 0.81, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.69 versus 0.81 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 643.2 %².
Within CCNE's tracked universe of 27 assets, FSBW comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CCNE ahead by 26.7 points (+30.2% 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.
CCNE vs FSBW: side by side
| CCNE (CNB Financial Corporation) | FSBW (FS Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | +3.5% |
| 5-year return | +61.1% | +47.7% |
| Volatility (ann.) | 29.0% | 27.5% |
| Beta vs S&P 500 | 0.84 | 0.69 |
| Max drawdown (3Y) | -29.7% | -26.1% |
| Market cap | $1.0B | $0.3B |
| P/E (trailing) | 10.6 | 9.7 |
| Dividend yield | 2.18% | 2.69% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | FSBW |
|---|---|---|
| 2022 | -7.8% | +2.4% |
| 2023 | -1.6% | +14.1% |
| 2024 | +13.6% | +14.3% |
| 2025 | +8.4% | +3.7% |
| 2026 | +31.5% | +5.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE and FSBW good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CCNE and FSBW?
The CCNE/FSBW correlation stands at 0.81 on a 3-year window (1 year: 0.69, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is FSBW a good diversifier for CCNE?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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
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Related comparisons
Hubs: CCNE correlations · FSBW correlations
