FCF vs SHBI: Correlation
How closely do First Commonwealth Financial Corporation (FCF) and Shore Bancshares, Inc. (SHBI) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and SHBI?
Over the past 3 years, FCF and SHBI moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 780.2 %².
Within FCF's tracked universe of 64 assets, SHBI comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SHBI outperformed by 17.4 percentage points (+20.3% for FCF against +37.7% for SHBI).
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 SHBI: side by side
| FCF (First Commonwealth Financial Corporation) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +20.3% | +37.7% |
| 5-year return | +83.7% | +51.7% |
| Volatility (ann.) | 26.9% | 32.6% |
| Beta vs S&P 500 | 0.72 | 0.89 |
| Max drawdown (3Y) | -26.9% | -31.9% |
| Market cap | $2.1B | $0.8B |
| P/E (trailing) | 12.7 | 11.7 |
| Dividend yield | 2.64% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | SHBI |
|---|---|---|
| 2022 | -10.3% | -14.4% |
| 2023 | +14.8% | -15.1% |
| 2024 | +13.4% | +15.6% |
| 2025 | +3.0% | +15.0% |
| 2026 | +26.0% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and SHBI good diversifiers for each other?
No. With a correlation of 0.89, FCF and SHBI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FCF and SHBI?
The FCF/SHBI correlation stands at 0.89 on a 3-year window (1 year: 0.81, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is SHBI a good diversifier for FCF?
No. With a correlation of 0.89, FCF and SHBI move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
A reading of 0.89 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 · SHBI correlations
