CFFI vs SHBI: Correlation
Measured on weekly returns over the past three years, C&F Financial Corporation (CFFI) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFFI and SHBI?
On 3 years of weekly data the CFFI/SHBI correlation comes out at 0.63, strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.63). The 5-year figure is 0.52, and annualized covariance runs at 757.8 %².
Among the 14 assets we track against CFFI, SHBI ranks #5 by 3-year correlation. Over the last 12 months SHBI came out ahead by 8.0 percentage points (+29.7% against +37.7%).
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.
CFFI vs SHBI: side by side
| CFFI (C&F Financial Corporation) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +29.7% | +37.7% |
| 5-year return | +96.2% | +51.7% |
| Volatility (ann.) | 36.7% | 32.6% |
| Beta vs S&P 500 | 0.73 | 0.89 |
| Max drawdown (3Y) | -50.7% | -31.9% |
| Market cap | $0.3B | $0.8B |
| P/E (trailing) | 10.1 | 11.7 |
| Dividend yield | 2.05% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFFI | SHBI |
|---|---|---|
| 2022 | +17.5% | -14.4% |
| 2023 | +20.7% | -15.1% |
| 2024 | +7.8% | +15.6% |
| 2025 | +4.6% | +15.0% |
| 2026 | +26.4% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFFI and SHBI good diversifiers for each other?
Only partially. A correlation of 0.63 means CFFI and SHBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CFFI and SHBI?
As of 2026-08-27, the correlation of weekly returns between CFFI and SHBI is 0.63 over 3 years, 0.51 over 1 year and 0.52 over 5 years.
Is SHBI a good diversifier for CFFI?
Only partially. A correlation of 0.63 means CFFI and SHBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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.
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Related comparisons
Hubs: CFFI correlations · SHBI correlations
