CNOB vs FLG: Correlation
How closely do ConnectOne Bancorp, Inc. (CNOB) and Flagstar Bank, N.A. (FLG) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNOB and FLG?
Over the past 3 years, CNOB and FLG moved with a correlation of 0.59, which is moderate. Recent behaviour matches the longer record: 0.67 over 1 year against 0.59 over 3. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 1048.7 %².
By 3-year correlation, FLG places #9 of the 17 assets tracked against CNOB. The last year tells two different stories: CNOB led by 22.6 percentage points, +27.5% for CNOB against +4.9% for FLG. Note the risk asymmetry: FLG runs 1.5 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.
CNOB vs FLG: side by side
| CNOB (ConnectOne Bancorp, Inc.) | FLG (Flagstar Bank, N.A.) | |
|---|---|---|
| 1-year return | +27.5% | +4.9% |
| 5-year return | +28.9% | -57.2% |
| Volatility (ann.) | 33.9% | 52.0% |
| Beta vs S&P 500 | 0.94 | 0.84 |
| Max drawdown (3Y) | -26.6% | -77.9% |
| Market cap | $1.6B | $5.6B |
| P/E (trailing) | 9.9 | 448.3 |
| Dividend yield | 2.35% | 0.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNOB | FLG |
|---|---|---|
| 2022 | -24.4% | -24.5% |
| 2023 | -1.8% | +26.9% |
| 2024 | +3.3% | -69.1% |
| 2025 | +17.8% | +35.4% |
| 2026 | +24.1% | +7.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNOB and FLG good diversifiers for each other?
Only partially. A correlation of 0.59 means CNOB and FLG 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 CNOB and FLG?
As of 2026-08-27, the correlation of weekly returns between CNOB and FLG is 0.59 over 3 years, 0.67 over 1 year and 0.52 over 5 years.
Is FLG a good diversifier for CNOB?
Only partially. A correlation of 0.59 means CNOB and FLG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnob-vs-flg.json
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Related comparisons
Hubs: CNOB correlations · FLG correlations
