FFIN vs MBWM: Correlation
How closely do First Financial Bankshares, Inc. (FFIN) and Mercantile Bank Corporation (MBWM) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIN and MBWM?
Over the past 3 years, FFIN and MBWM moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 782.5 %².
In FFIN's tracked universe of 20 assets, MBWM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with MBWM ahead by 34.5 points (-10.8% versus +23.7%).
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.
FFIN vs MBWM: side by side
| FFIN (First Financial Bankshares, Inc.) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | -10.8% | +23.7% |
| 5-year return | -22.9% | +126.2% |
| Volatility (ann.) | 30.5% | 29.8% |
| Beta vs S&P 500 | 0.84 | 0.82 |
| Max drawdown (3Y) | -31.4% | -25.0% |
| Market cap | $4.7B | $1.0B |
| P/E (trailing) | 18.0 | 10.5 |
| Dividend yield | 2.35% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FFIN | MBWM |
|---|---|---|
| 2022 | -31.2% | -0.8% |
| 2023 | -9.8% | +25.8% |
| 2024 | +21.6% | +14.0% |
| 2025 | -15.3% | +11.7% |
| 2026 | +12.2% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIN and MBWM good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FFIN and MBWM?
The FFIN/MBWM correlation stands at 0.86 on a 3-year window (1 year: 0.77, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is MBWM a good diversifier for FFIN?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 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
$ curl https://www.pairbook.io/api/v1/pairs/ffin-vs-mbwm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffin-vs-mbwm/)
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Related comparisons
Hubs: FFIN correlations · MBWM correlations
