FBNC vs SSB: Correlation
How closely do First Bancorp (FBNC) and SouthState Bank Corporation (SSB) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBNC and SSB?
Over the past 3 years, FBNC and SSB moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.71 versus 0.87 over 3 years. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 744.4 %².
Few assets follow FBNC as closely as SSB, which ranks #2 of 23 tracked partners. The trailing year gives FBNC the advantage: +16.9% versus +6.8%, a 10.1-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.
FBNC vs SSB: side by side
| FBNC (First Bancorp) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +16.9% | +6.8% |
| 5-year return | +72.4% | +76.5% |
| Volatility (ann.) | 30.0% | 28.6% |
| Beta vs S&P 500 | 0.89 | 0.95 |
| Max drawdown (3Y) | -26.0% | -27.6% |
| Market cap | $2.6B | $10.3B |
| P/E (trailing) | 19.9 | 11.2 |
| Dividend yield | 1.47% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBNC | SSB |
|---|---|---|
| 2022 | -4.2% | -2.4% |
| 2023 | -11.2% | +13.8% |
| 2024 | +21.7% | +20.7% |
| 2025 | +17.8% | -3.1% |
| 2026 | +26.2% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBNC and SSB good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FBNC and SSB?
The FBNC/SSB correlation stands at 0.87 on a 3-year window (1 year: 0.71, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is SSB a good diversifier for FBNC?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
A reading of 0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FBNC correlations · SSB correlations
