ERIE vs SHMD: Correlation
Measured on weekly returns over the past three years, Erie Indemnity (ERIE) and SCHMID Group N.V. - Class A (SHMD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERIE and SHMD?
Over the past 3 years, ERIE and SHMD moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -639.7 %².
Out of 33 assets tracked against ERIE, SHMD lands near the bottom at #31. Correlation aside, the last 12 months split them widely, with SHMD ahead by 53.3 points (-24.5% versus +28.8%). Risk is not evenly split, since SHMD carries 3.2 times the volatility of the other side.
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.
ERIE vs SHMD: side by side
| ERIE (Erie Indemnity) | SHMD (SCHMID Group N.V. - Class A) | |
|---|---|---|
| 1-year return | -24.5% | +28.8% |
| 5-year return | +61.3% | n/a |
| Volatility (ann.) | 30.3% | 96.9% |
| Beta vs S&P 500 | 0.37 | 0.77 |
| Max drawdown (3Y) | -60.9% | -69.6% |
| Market cap | $13.6B | $0.2B |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 2.24% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | ERIE | SHMD |
|---|---|---|
| 2022 | +32.0% | – |
| 2023 | +37.3% | – |
| 2024 | +24.7% | – |
| 2025 | -29.4% | +101.1% |
| 2026 | -8.0% | -45.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERIE and SHMD good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERIE and SHMD?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.15 over the last year and n/a over 5 years.
Is SHMD a good diversifier for ERIE?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 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/erie-vs-shmd.json
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Related comparisons
Hubs: ERIE correlations · SHMD correlations
