FCF vs INDB: Correlation
Measured on weekly returns over the past three years, First Commonwealth Financial Corporation (FCF) and Independent Bank Corp. (INDB) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and INDB?
Over the past 3 years, FCF and INDB moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 722.3 %².
Among the 64 assets we track against FCF, INDB ranks #21 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.3% for FCF and +18.3% for INDB.
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 INDB: side by side
| FCF (First Commonwealth Financial Corporation) | INDB (Independent Bank Corp.) | |
|---|---|---|
| 1-year return | +20.3% | +18.3% |
| 5-year return | +83.7% | +28.6% |
| Volatility (ann.) | 26.9% | 30.9% |
| Beta vs S&P 500 | 0.72 | 0.85 |
| Max drawdown (3Y) | -26.9% | -30.8% |
| Market cap | $2.1B | $3.9B |
| P/E (trailing) | 12.7 | 14.9 |
| Dividend yield | 2.64% | 2.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | INDB |
|---|---|---|
| 2022 | -10.3% | +6.3% |
| 2023 | +14.8% | -18.9% |
| 2024 | +13.4% | +1.6% |
| 2025 | +3.0% | +17.9% |
| 2026 | +26.0% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and INDB good diversifiers for each other?
No. With a correlation of 0.87, FCF and INDB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FCF and INDB?
The FCF/INDB correlation stands at 0.87 on a 3-year window (1 year: 0.82, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is INDB a good diversifier for FCF?
No. With a correlation of 0.87, FCF and INDB move nearly in lockstep, so holding both adds very little diversification.
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: FCF correlations · INDB correlations
