CPF vs FCF: Correlation
How closely do Central Pacific Financial Corp New (CPF) and First Commonwealth Financial Corporation (FCF) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPF and FCF?
Over the past 3 years, CPF and FCF moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 625.3 %².
Few assets follow CPF as closely as FCF, which ranks #1 of 19 tracked partners. Twelve-month performance is nearly a tie, at +24.4% for CPF and +20.3% for FCF.
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.
CPF vs FCF: side by side
| CPF (Central Pacific Financial Corp New) | FCF (First Commonwealth Financial Corporation) | |
|---|---|---|
| 1-year return | +24.4% | +20.3% |
| 5-year return | +85.5% | +83.7% |
| Volatility (ann.) | 26.5% | 26.9% |
| Beta vs S&P 500 | 0.84 | 0.72 |
| Max drawdown (3Y) | -25.2% | -26.9% |
| Market cap | $1.0B | $2.1B |
| P/E (trailing) | 12.2 | 12.7 |
| Dividend yield | 2.97% | 2.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPF | FCF |
|---|---|---|
| 2022 | -24.7% | -10.3% |
| 2023 | +2.9% | +14.8% |
| 2024 | +54.3% | +13.4% |
| 2025 | +11.3% | +3.0% |
| 2026 | +23.5% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPF and FCF good diversifiers for each other?
No: a correlation of 0.88 means CPF and FCF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CPF and FCF?
As of 2026-08-27, the correlation of weekly returns between CPF and FCF is 0.88 over 3 years, 0.88 over 1 year and 0.84 over 5 years.
Is FCF a good diversifier for CPF?
No: a correlation of 0.88 means CPF and FCF tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 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: CPF correlations · FCF correlations
