CCNE vs MBWM: Correlation
How closely do CNB Financial Corporation (CCNE) and Mercantile Bank Corporation (MBWM) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCNE and MBWM?
Over the past 3 years, CCNE and MBWM moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 740.9 %².
In CCNE's tracked universe of 27 assets, MBWM sits right near the top at #1. On 12-month performance CCNE holds a 6.5-point edge, +30.2% against +23.7%.
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 MBWM: side by side
| CCNE (CNB Financial Corporation) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +30.2% | +23.7% |
| 5-year return | +61.1% | +126.2% |
| Volatility (ann.) | 29.0% | 29.8% |
| Beta vs S&P 500 | 0.84 | 0.82 |
| Max drawdown (3Y) | -29.7% | -25.0% |
| Market cap | $1.0B | $1.0B |
| P/E (trailing) | 10.6 | 10.5 |
| Dividend yield | 2.18% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | MBWM |
|---|---|---|
| 2022 | -7.8% | -0.8% |
| 2023 | -1.6% | +25.8% |
| 2024 | +13.6% | +14.0% |
| 2025 | +8.4% | +11.7% |
| 2026 | +31.5% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE and MBWM good diversifiers for each other?
No: a correlation of 0.86 means CCNE and MBWM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CCNE and MBWM?
The CCNE/MBWM correlation stands at 0.86 on a 3-year window (1 year: 0.85, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is MBWM a good diversifier for CCNE?
No: a correlation of 0.86 means CCNE and MBWM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 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.
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Related comparisons
Hubs: CCNE correlations · MBWM correlations
