DLX vs FRME: Correlation
Deluxe Corporation (DLX) and First Merchants Corporation (FRME) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLX and FRME?
Across a 3-year window, the weekly returns of DLX and FRME correlate at 0.60, strong. Lately the two have drifted apart, with the 1-year correlation at 0.49 versus 0.60 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 708.0 %².
In DLX's tracked universe of 20 assets, FRME sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months DLX outperformed by 21.8 percentage points (+25.3% for DLX against +3.5% for FRME).
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.
DLX vs FRME: side by side
| DLX (Deluxe Corporation) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +25.3% | +3.5% |
| 5-year return | -19.3% | +22.0% |
| Volatility (ann.) | 39.8% | 29.8% |
| Beta vs S&P 500 | 1.08 | 0.78 |
| Max drawdown (3Y) | -40.9% | -23.9% |
| Market cap | $1.1B | $2.6B |
| P/E (trailing) | 10.8 | 13.4 |
| Dividend yield | 5.08% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLX | FRME |
|---|---|---|
| 2022 | -44.4% | +1.1% |
| 2023 | +34.9% | -5.8% |
| 2024 | +11.3% | +11.8% |
| 2025 | +5.6% | -2.5% |
| 2026 | +9.5% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLX and FRME good diversifiers for each other?
Only partially. A correlation of 0.60 means DLX and FRME 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 DLX and FRME?
As of 2026-08-27, the correlation of weekly returns between DLX and FRME is 0.60 over 3 years, 0.49 over 1 year and 0.56 over 5 years.
Is FRME a good diversifier for DLX?
Only partially. A correlation of 0.60 means DLX and FRME share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 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/dlx-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dlx-vs-frme/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DLX correlations · FRME correlations
