CHCO vs FMAO: Correlation
City Holding Company (CHCO) and Farmers & Merchants Bancorp, Inc. (FMAO) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHCO and FMAO?
Over the past 3 years, CHCO and FMAO moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 602.5 %².
Within CHCO's tracked universe of 16 assets, FMAO comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FMAO ahead by 18.1 points (+13.3% versus +31.4%). Note the risk asymmetry: FMAO runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CHCO vs FMAO: side by side
| CHCO (City Holding Company) | FMAO (Farmers & Merchants Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +13.3% | +31.4% |
| 5-year return | +113.1% | +78.8% |
| Volatility (ann.) | 20.7% | 36.2% |
| Beta vs S&P 500 | 0.45 | 0.90 |
| Max drawdown (3Y) | -18.4% | -35.0% |
| Market cap | $2.0B | $0.5B |
| P/E (trailing) | 15.7 | 11.6 |
| Dividend yield | 2.41% | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHCO | FMAO |
|---|---|---|
| 2022 | +17.3% | -14.9% |
| 2023 | +22.0% | -5.3% |
| 2024 | +10.4% | +23.1% |
| 2025 | +3.4% | -13.0% |
| 2026 | +22.6% | +39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHCO and FMAO good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CHCO and FMAO?
As of 2026-08-27, the correlation of weekly returns between CHCO and FMAO is 0.80 over 3 years, 0.74 over 1 year and 0.65 over 5 years.
Is FMAO a good diversifier for CHCO?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHCO correlations · FMAO correlations
