FBP vs SSB: Correlation
How closely do First BanCorp. New (FBP) and SouthState Bank Corporation (SSB) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBP and SSB?
Across a 3-year window, the weekly returns of FBP and SSB correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 628.8 %².
Within FBP's tracked universe of 11 assets, SSB comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FBP outperformed by 19.6 percentage points (+26.4% for FBP against +6.8% for SSB).
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 SSB: side by side
| FBP (First BanCorp. New) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +26.4% | +6.8% |
| 5-year return | +155.4% | +76.5% |
| Volatility (ann.) | 25.8% | 28.6% |
| Beta vs S&P 500 | 0.84 | 0.95 |
| Max drawdown (3Y) | -22.9% | -27.6% |
| Market cap | $4.2B | $10.3B |
| P/E (trailing) | 11.8 | 11.2 |
| Dividend yield | 2.72% | 2.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBP | SSB |
|---|---|---|
| 2022 | -4.7% | -2.4% |
| 2023 | +34.8% | +13.8% |
| 2024 | +16.9% | +20.7% |
| 2025 | +14.4% | -3.1% |
| 2026 | +36.0% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBP and SSB good diversifiers for each other?
No. With a correlation of 0.85, FBP and SSB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FBP and SSB?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.79 over the last year and 0.83 over 5 years.
Is SSB a good diversifier for FBP?
No. With a correlation of 0.85, FBP and SSB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 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 · SSB correlations
