FBIZ vs SHBI: Correlation
How closely do First Business Financial Services, Inc. (FBIZ) and Shore Bancshares, Inc. (SHBI) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIZ and SHBI?
Over the past 3 years, FBIZ and SHBI moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 836.8 %².
SHBI is one of the assets that tracks FBIZ most closely: it ranks #1 out of the 13 assets we track against FBIZ. Neither side won the trailing year by much: +38.0% against +37.7%.
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.
FBIZ vs SHBI: side by side
| FBIZ (First Business Financial Services, Inc.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +38.0% | +37.7% |
| 5-year return | +187.1% | +51.7% |
| Volatility (ann.) | 30.0% | 32.6% |
| Beta vs S&P 500 | 0.79 | 0.89 |
| Max drawdown (3Y) | -20.8% | -31.9% |
| Market cap | $0.6B | $0.8B |
| P/E (trailing) | 10.6 | 11.7 |
| Dividend yield | 1.80% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIZ | SHBI |
|---|---|---|
| 2022 | +28.2% | -14.4% |
| 2023 | +12.9% | -15.1% |
| 2024 | +18.4% | +15.6% |
| 2025 | +20.1% | +15.0% |
| 2026 | +32.6% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIZ and SHBI good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FBIZ and SHBI?
As of 2026-08-27, the correlation of weekly returns between FBIZ and SHBI is 0.86 over 3 years, 0.85 over 1 year and 0.79 over 5 years.
Is SHBI a good diversifier for FBIZ?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 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/fbiz-vs-shbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fbiz-vs-shbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBIZ correlations · SHBI correlations
