CNOB vs SHBI: Correlation
ConnectOne Bancorp, Inc. (CNOB) and Shore Bancshares, Inc. (SHBI) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNOB and SHBI?
Across a 3-year window, the weekly returns of CNOB and SHBI correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.78, with an annualized covariance of 929.9 %².
Among the 17 assets we track against CNOB, SHBI ranks #5 by 3-year correlation. Over the last 12 months SHBI came out ahead by 10.2 percentage points (+27.5% against +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.
CNOB vs SHBI: side by side
| CNOB (ConnectOne Bancorp, Inc.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +27.5% | +37.7% |
| 5-year return | +28.9% | +51.7% |
| Volatility (ann.) | 33.9% | 32.6% |
| Beta vs S&P 500 | 0.94 | 0.89 |
| Max drawdown (3Y) | -26.6% | -31.9% |
| Market cap | $1.6B | $0.8B |
| P/E (trailing) | 9.9 | 11.7 |
| Dividend yield | 2.35% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNOB | SHBI |
|---|---|---|
| 2022 | -24.4% | -14.4% |
| 2023 | -1.8% | -15.1% |
| 2024 | +3.3% | +15.6% |
| 2025 | +17.8% | +15.0% |
| 2026 | +24.1% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNOB and SHBI good diversifiers for each other?
No: a correlation of 0.84 means CNOB and SHBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CNOB and SHBI?
The CNOB/SHBI correlation stands at 0.84 on a 3-year window (1 year: 0.75, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is SHBI a good diversifier for CNOB?
No: a correlation of 0.84 means CNOB and SHBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 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.
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Related comparisons
Hubs: CNOB correlations · SHBI correlations
