FLG vs SHBI: Correlation
Measured on weekly returns over the past three years, Flagstar Bank, N.A. (FLG) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLG and SHBI?
On 3 years of weekly data the FLG/SHBI correlation comes out at 0.60, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 1009.5 %².
In FLG's tracked universe of 11 assets, SHBI sits right near the top at #2. The last year tells two different stories: SHBI led by 32.8 percentage points, +4.9% for FLG against +37.7% for SHBI. One caveat on sizing: FLG is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FLG vs SHBI: side by side
| FLG (Flagstar Bank, N.A.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +4.9% | +37.7% |
| 5-year return | -57.2% | +51.7% |
| Volatility (ann.) | 52.0% | 32.6% |
| Beta vs S&P 500 | 0.84 | 0.89 |
| Max drawdown (3Y) | -77.9% | -31.9% |
| Market cap | $5.6B | $0.8B |
| P/E (trailing) | 448.3 | 11.7 |
| Dividend yield | 0.29% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLG | SHBI |
|---|---|---|
| 2022 | -24.5% | -14.4% |
| 2023 | +26.9% | -15.1% |
| 2024 | -69.1% | +15.6% |
| 2025 | +35.4% | +15.0% |
| 2026 | +7.0% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLG and SHBI good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FLG and SHBI?
The FLG/SHBI correlation stands at 0.60 on a 3-year window (1 year: 0.65, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SHBI a good diversifier for FLG?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 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/flg-vs-shbi.json
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Related comparisons
Hubs: FLG correlations · SHBI correlations
