CHMG vs FMBH: Correlation
Measured on weekly returns over the past three years, Chemung Financial Corp (CHMG) and First Mid Bancshares, Inc. (FMBH) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and FMBH?
Over the past 3 years, CHMG and FMBH moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 507.0 %².
In CHMG's tracked universe of 10 assets, FMBH sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months CHMG outperformed by 28.7 percentage points (+55.6% for CHMG against +26.9% for FMBH).
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.
CHMG vs FMBH: side by side
| CHMG (Chemung Financial Corp) | FMBH (First Mid Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +55.6% | +26.9% |
| 5-year return | +104.0% | +40.9% |
| Volatility (ann.) | 26.7% | 26.0% |
| Beta vs S&P 500 | 0.46 | 0.76 |
| Max drawdown (3Y) | -25.1% | -27.5% |
| Market cap | $0.4B | $1.3B |
| P/E (trailing) | 11.6 | 12.5 |
| Dividend yield | 1.68% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMG | FMBH |
|---|---|---|
| 2022 | +1.6% | -23.2% |
| 2023 | +11.7% | +11.6% |
| 2024 | +0.7% | +9.1% |
| 2025 | +17.3% | +8.7% |
| 2026 | +47.7% | +31.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and FMBH good diversifiers for each other?
To a limited degree. At 0.73 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 CHMG and FMBH?
As of 2026-08-27, the correlation of weekly returns between CHMG and FMBH is 0.73 over 3 years, 0.71 over 1 year and 0.58 over 5 years.
Is FMBH a good diversifier for CHMG?
To a limited degree. At 0.73 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 0.73 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chmg-vs-fmbh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chmg-vs-fmbh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHMG correlations · FMBH correlations
