FCF vs FMAO: Correlation
First Commonwealth Financial Corporation (FCF) and Farmers & Merchants Bancorp, Inc. (FMAO) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and FMAO?
On 3 years of weekly data the FCF/FMAO correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. The 5-year figure is 0.68, and annualized covariance runs at 787.8 %².
Within FCF's tracked universe of 64 assets, FMAO comes in at #44 by 3-year correlation. Over the last 12 months FMAO came out ahead by 11.1 percentage points (+20.3% against +31.4%).
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.
FCF vs FMAO: side by side
| FCF (First Commonwealth Financial Corporation) | FMAO (Farmers & Merchants Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +20.3% | +31.4% |
| 5-year return | +83.7% | +78.8% |
| Volatility (ann.) | 26.9% | 36.2% |
| Beta vs S&P 500 | 0.72 | 0.90 |
| Max drawdown (3Y) | -26.9% | -35.0% |
| Market cap | $2.1B | $0.5B |
| P/E (trailing) | 12.7 | 11.6 |
| Dividend yield | 2.64% | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | FMAO |
|---|---|---|
| 2022 | -10.3% | -14.9% |
| 2023 | +14.8% | -5.3% |
| 2024 | +13.4% | +23.1% |
| 2025 | +3.0% | -13.0% |
| 2026 | +26.0% | +39.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and FMAO good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FCF and FMAO?
As of 2026-08-27, the correlation of weekly returns between FCF and FMAO is 0.81 over 3 years, 0.74 over 1 year and 0.68 over 5 years.
Is FMAO a good diversifier for FCF?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 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
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Related comparisons
Hubs: FCF correlations · FMAO correlations
