FBP vs OFG: Correlation
First BanCorp. New (FBP) and OFG Bancorp (OFG) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBP and OFG?
On 3 years of weekly data the FBP/OFG correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 602.0 %².
Few assets follow FBP as closely as OFG, which ranks #2 of 11 tracked partners. The trailing year gives FBP the advantage: +26.4% versus +18.8%, a 7.6-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.
FBP vs OFG: side by side
| FBP (First BanCorp. New) | OFG (OFG Bancorp) | |
|---|---|---|
| 1-year return | +26.4% | +18.8% |
| 5-year return | +155.4% | +150.6% |
| Volatility (ann.) | 25.8% | 27.3% |
| Beta vs S&P 500 | 0.84 | 0.74 |
| Max drawdown (3Y) | -22.9% | -24.6% |
| Market cap | $4.2B | $2.2B |
| P/E (trailing) | 11.8 | 10.3 |
| Dividend yield | 2.72% | 2.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBP | OFG |
|---|---|---|
| 2022 | -4.7% | +6.5% |
| 2023 | +34.8% | +40.2% |
| 2024 | +16.9% | +15.8% |
| 2025 | +14.4% | -1.1% |
| 2026 | +36.0% | +29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBP and OFG good diversifiers for each other?
No. With a correlation of 0.86, FBP and OFG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FBP and OFG?
The FBP/OFG correlation stands at 0.86 on a 3-year window (1 year: 0.76, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is OFG a good diversifier for FBP?
No. With a correlation of 0.86, FBP and OFG move nearly in lockstep, so holding both adds very little diversification.
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.
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Related comparisons
Hubs: FBP correlations · OFG correlations
