FGBI vs OZK: Correlation
How closely do First Guaranty Bancshares, Inc. (FGBI) and Bank OZK (OZK) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGBI and OZK?
Across a 3-year window, the weekly returns of FGBI and OZK correlate at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 642.2 %².
By 3-year correlation, OZK places #4 of the 11 assets tracked against FGBI. Over the last 12 months FGBI came out ahead by 6.1 percentage points (+2.7% against -3.4%). Note the risk asymmetry: FGBI runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OZK: side by side
| FGBI (First Guaranty Bancshares, Inc.) | OZK (Bank OZK) | |
|---|---|---|
| 1-year return | +2.7% | -3.4% |
| 5-year return | -46.6% | +40.0% |
| Volatility (ann.) | 52.8% | 32.8% |
| Beta vs S&P 500 | 0.28 | 0.99 |
| Max drawdown (3Y) | -70.0% | -29.2% |
| Market cap | $0.1B | $5.4B |
| P/E (trailing) | – | 8.2 |
| Dividend yield | 0.49% | 3.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FGBI | OZK |
|---|---|---|
| 2022 | +18.2% | -11.2% |
| 2023 | -50.2% | +29.1% |
| 2024 | +6.6% | -7.4% |
| 2025 | -52.5% | +7.4% |
| 2026 | +51.4% | +10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGBI and OZK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FGBI and OZK?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.29 over the last year and 0.36 over 5 years.
Is OZK a good diversifier for FGBI?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
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Related comparisons
Hubs: FGBI correlations · OZK correlations
