FCAP vs OPXS: Correlation
Measured on weekly returns over the past three years, First Capital, Inc. (FCAP) and Optex Systems Holdings, Inc. (OPXS) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCAP and OPXS?
Across a 3-year window, the weekly returns of FCAP and OPXS correlate at -0.18, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.10 lands near the 3-year figure. Stretching to 5 years gives -0.12, with an annualized covariance of -414.3 %².
Within FCAP's tracked universe of 13 assets, OPXS comes in at #8 by 3-year correlation. The last year tells two different stories: FCAP led by 60.1 percentage points, +55.8% for FCAP against -4.3% for OPXS. Note the risk asymmetry: OPXS runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FCAP vs OPXS: side by side
| FCAP (First Capital, Inc.) | OPXS (Optex Systems Holdings, Inc.) | |
|---|---|---|
| 1-year return | +55.8% | -4.3% |
| 5-year return | +72.5% | +540.0% |
| Volatility (ann.) | 38.7% | 59.8% |
| Beta vs S&P 500 | 0.26 | 0.67 |
| Max drawdown (3Y) | -32.5% | -45.7% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 11.3 | 19.0 |
| Dividend yield | 2.02% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCAP | OPXS |
|---|---|---|
| 2022 | -36.3% | +57.8% |
| 2023 | +16.5% | +122.2% |
| 2024 | +20.0% | +4.7% |
| 2025 | +88.4% | +106.7% |
| 2026 | +6.3% | -27.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCAP and OPXS good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCAP and OPXS?
As of 2026-08-27, the correlation of weekly returns between FCAP and OPXS is -0.18 over 3 years, -0.10 over 1 year and -0.12 over 5 years.
Is OPXS a good diversifier for FCAP?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcap-vs-opxs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcap-vs-opxs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FCAP correlations · OPXS correlations
