CHCO vs MBIN: Correlation
How closely do City Holding Company (CHCO) and Merchants Bancorp (MBIN) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHCO and MBIN?
On 3 years of weekly data the CHCO/MBIN correlation comes out at 0.66, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.66). The 5-year figure is 0.64, and annualized covariance runs at 548.4 %².
Among the 16 assets we track against CHCO, MBIN ranks #8 by 3-year correlation. The last year tells two different stories: MBIN led by 50.0 percentage points, +13.3% for CHCO against +63.3% for MBIN. One caveat on sizing: MBIN is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MBIN: side by side
| CHCO (City Holding Company) | MBIN (Merchants Bancorp) | |
|---|---|---|
| 1-year return | +13.3% | +63.3% |
| 5-year return | +113.1% | +132.1% |
| Volatility (ann.) | 20.7% | 39.8% |
| Beta vs S&P 500 | 0.45 | 0.90 |
| Max drawdown (3Y) | -18.4% | -43.9% |
| Market cap | $2.0B | $2.4B |
| P/E (trailing) | 15.7 | 10.7 |
| Dividend yield | 2.41% | 0.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHCO | MBIN |
|---|---|---|
| 2022 | +17.3% | -22.1% |
| 2023 | +22.0% | +77.0% |
| 2024 | +10.4% | -13.6% |
| 2025 | +3.4% | -5.5% |
| 2026 | +22.6% | +57.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHCO and MBIN good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CHCO and MBIN?
The CHCO/MBIN correlation stands at 0.66 on a 3-year window (1 year: 0.52, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is MBIN a good diversifier for CHCO?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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
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Related comparisons
Hubs: CHCO correlations · MBIN correlations
