EFSC vs FRME: Correlation
Measured on weekly returns over the past three years, Enterprise Financial Services Corporation (EFSC) and First Merchants Corporation (FRME) carry a correlation of 0.90, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFSC and FRME?
Over the past 3 years, EFSC and FRME moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.90) sits close to the 3-year figure. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 721.8 %².
In EFSC's tracked universe of 23 assets, FRME sits right near the top at #1. Neither side won the trailing year by much: +5.3% against +3.5%.
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.
EFSC vs FRME: side by side
| EFSC (Enterprise Financial Services Corporation) | FRME (First Merchants Corporation) | |
|---|---|---|
| 1-year return | +5.3% | +3.5% |
| 5-year return | +59.0% | +22.0% |
| Volatility (ann.) | 26.9% | 29.8% |
| Beta vs S&P 500 | 0.66 | 0.78 |
| Max drawdown (3Y) | -25.0% | -23.9% |
| Market cap | $2.3B | $2.6B |
| P/E (trailing) | 12.6 | 13.4 |
| Dividend yield | 2.05% | 3.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFSC | FRME |
|---|---|---|
| 2022 | +6.0% | +1.1% |
| 2023 | -6.6% | -5.8% |
| 2024 | +29.3% | +11.8% |
| 2025 | -2.1% | -2.5% |
| 2026 | +18.9% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFSC and FRME good diversifiers for each other?
No: a correlation of 0.90 means EFSC and FRME tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EFSC and FRME?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.90 over the last year and 0.87 over 5 years.
Is FRME a good diversifier for EFSC?
No: a correlation of 0.90 means EFSC and FRME tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.90 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efsc-vs-frme.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efsc-vs-frme/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFSC correlations · FRME correlations
