CHMG vs SHBI: Correlation
Measured on weekly returns over the past three years, Chemung Financial Corp (CHMG) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and SHBI?
On 3 years of weekly data the CHMG/SHBI correlation comes out at 0.70, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 608.6 %².
Within CHMG's tracked universe of 10 assets, SHBI comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CHMG ahead by 17.9 points (+55.6% versus +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.
CHMG vs SHBI: side by side
| CHMG (Chemung Financial Corp) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +55.6% | +37.7% |
| 5-year return | +104.0% | +51.7% |
| Volatility (ann.) | 26.7% | 32.6% |
| Beta vs S&P 500 | 0.46 | 0.89 |
| Max drawdown (3Y) | -25.1% | -31.9% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | 11.6 | 11.7 |
| Dividend yield | 1.68% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMG | SHBI |
|---|---|---|
| 2022 | +1.6% | -14.4% |
| 2023 | +11.7% | -15.1% |
| 2024 | +0.7% | +15.6% |
| 2025 | +17.3% | +15.0% |
| 2026 | +47.7% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and SHBI good diversifiers for each other?
Only partially. A correlation of 0.70 means CHMG 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 CHMG and SHBI?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.63 over the last year and 0.62 over 5 years.
Is SHBI a good diversifier for CHMG?
Only partially. A correlation of 0.70 means CHMG 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 0.70 mean?
On the −1 to +1 scale, 0.70 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: CHMG correlations · SHBI correlations
