CZFS vs FSBW: Correlation
Measured on weekly returns over the past three years, Citizens Financial Services, Inc. (CZFS) and FS Bancorp, Inc. (FSBW) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZFS and FSBW?
Across a 3-year window, the weekly returns of CZFS and FSBW correlate at 0.74, strong. The past 12 months show a weaker link (0.63) than the 3-year average (0.74). Stretching to 5 years gives 0.59, with an annualized covariance of 875.9 %².
FSBW is one of the assets that tracks CZFS most closely: it ranks #2 out of the 14 assets we track against CZFS. Their recent paths diverged sharply: over the last 12 months CZFS outperformed by 31.3 percentage points (+34.8% for CZFS against +3.5% for FSBW). Note the risk asymmetry: CZFS runs 1.6 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.
CZFS vs FSBW: side by side
| CZFS (Citizens Financial Services, Inc.) | FSBW (FS Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +34.8% | +3.5% |
| 5-year return | +56.8% | +47.7% |
| Volatility (ann.) | 43.2% | 27.5% |
| Beta vs S&P 500 | 0.95 | 0.69 |
| Max drawdown (3Y) | -38.1% | -26.1% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 9.4 | 9.7 |
| Dividend yield | 2.49% | 2.69% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZFS | FSBW |
|---|---|---|
| 2022 | +31.2% | +2.4% |
| 2023 | -12.3% | +14.1% |
| 2024 | +2.7% | +14.3% |
| 2025 | -6.9% | +3.7% |
| 2026 | +44.6% | +5.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZFS and FSBW good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CZFS and FSBW?
As of 2026-08-27, the correlation of weekly returns between CZFS and FSBW is 0.74 over 3 years, 0.63 over 1 year and 0.59 over 5 years.
Is FSBW a good diversifier for CZFS?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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.
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Related comparisons
Hubs: CZFS correlations · FSBW correlations
