FGBI vs HERZ: Correlation
How closely do First Guaranty Bancshares, Inc. (FGBI) and Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGBI and HERZ?
Across a 3-year window, the weekly returns of FGBI and HERZ correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.12, with an annualized covariance of -446.6 %².
Among the 11 assets we track against FGBI, HERZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months HERZ outperformed by 19.3 percentage points (+2.7% for FGBI against +22.0% for HERZ).
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.
FGBI vs HERZ: side by side
| FGBI (First Guaranty Bancshares, Inc.) | HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +2.7% | +22.0% |
| 5-year return | -46.6% | +1.5% |
| Volatility (ann.) | 52.8% | 35.4% |
| Beta vs S&P 500 | 0.28 | 0.10 |
| Max drawdown (3Y) | -70.0% | -41.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 80.0 |
| Dividend yield | 0.49% | 57.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FGBI | HERZ |
|---|---|---|
| 2022 | +18.2% | -20.4% |
| 2023 | -50.2% | -13.6% |
| 2024 | +6.6% | +2.9% |
| 2025 | -52.5% | +89.3% |
| 2026 | +51.4% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGBI and HERZ good diversifiers for each other?
Yes. With a correlation of -0.24, FGBI and HERZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FGBI and HERZ?
The FGBI/HERZ correlation stands at -0.24 on a 3-year window (1 year: -0.31, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is HERZ a good diversifier for FGBI?
Yes. With a correlation of -0.24, FGBI and HERZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fgbi-vs-herz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fgbi-vs-herz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FGBI correlations · HERZ correlations
