CZNC vs MBWM: Correlation
Measured on weekly returns over the past three years, Citizens & Northern Corp (CZNC) and Mercantile Bank Corporation (MBWM) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZNC and MBWM?
Across a 3-year window, the weekly returns of CZNC and MBWM correlate at 0.79, strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 654.8 %².
Few assets follow CZNC as closely as MBWM, which ranks #3 of 14 tracked partners. The trailing year gives CZNC the advantage: +32.5% versus +23.7%, a 8.8-point spread.
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.
CZNC vs MBWM: side by side
| CZNC (Citizens & Northern Corp) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +32.5% | +23.7% |
| 5-year return | +31.8% | +126.2% |
| Volatility (ann.) | 27.6% | 29.8% |
| Beta vs S&P 500 | 0.57 | 0.82 |
| Max drawdown (3Y) | -26.1% | -25.0% |
| Market cap | $0.5B | $1.0B |
| P/E (trailing) | 17.3 | 10.5 |
| Dividend yield | 4.42% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CZNC | MBWM |
|---|---|---|
| 2022 | -8.4% | -0.8% |
| 2023 | +3.7% | +25.8% |
| 2024 | -12.2% | +14.0% |
| 2025 | +14.9% | +11.7% |
| 2026 | +31.0% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZNC and MBWM good diversifiers for each other?
Only partially. A correlation of 0.79 means CZNC and MBWM 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 CZNC and MBWM?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.78 over the last year and 0.71 over 5 years.
Is MBWM a good diversifier for CZNC?
Only partially. A correlation of 0.79 means CZNC and MBWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 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
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Related comparisons
Hubs: CZNC correlations · MBWM correlations
