FCF vs MPB: Correlation
How closely do First Commonwealth Financial Corporation (FCF) and Mid Penn Bancorp (MPB) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and MPB?
Across a 3-year window, the weekly returns of FCF and MPB correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 601.1 %².
Among the 64 assets we track against FCF, MPB ranks #48 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.3% for FCF and +25.2% for MPB.
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 MPB: side by side
| FCF (First Commonwealth Financial Corporation) | MPB (Mid Penn Bancorp) | |
|---|---|---|
| 1-year return | +20.3% | +25.2% |
| 5-year return | +83.7% | +61.4% |
| Volatility (ann.) | 26.9% | 27.8% |
| Beta vs S&P 500 | 0.72 | 0.71 |
| Max drawdown (3Y) | -26.9% | -26.8% |
| Market cap | $2.1B | $0.9B |
| P/E (trailing) | 12.7 | 12.8 |
| Dividend yield | 2.64% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | MPB |
|---|---|---|
| 2022 | -10.3% | -2.9% |
| 2023 | +14.8% | -16.1% |
| 2024 | +13.4% | +22.8% |
| 2025 | +3.0% | +10.7% |
| 2026 | +26.0% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and MPB good diversifiers for each other?
No: a correlation of 0.80 means FCF and MPB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FCF and MPB?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.77 over the last year and 0.72 over 5 years.
Is MPB a good diversifier for FCF?
No: a correlation of 0.80 means FCF and MPB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 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 · MPB correlations
