FMAO vs FMNB: Correlation
Farmers & Merchants Bancorp, Inc. (FMAO) and Farmers National Banc Corp. (FMNB) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and FMNB?
On 3 years of weekly data the FMAO/FMNB correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.67) runs below the 3-year figure (0.81). The 5-year figure is 0.68, and annualized covariance runs at 814.1 %².
In FMAO's tracked universe of 19 assets, FMNB sits right near the top at #3. Correlation aside, the last 12 months split them widely, with FMAO ahead by 21.1 points (+31.4% versus +10.3%).
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.
FMAO vs FMNB: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | FMNB (Farmers National Banc Corp.) | |
|---|---|---|
| 1-year return | +31.4% | +10.3% |
| 5-year return | +78.8% | +27.6% |
| Volatility (ann.) | 36.2% | 27.7% |
| Beta vs S&P 500 | 0.90 | 0.71 |
| Max drawdown (3Y) | -35.0% | -23.6% |
| Market cap | $0.5B | $0.9B |
| P/E (trailing) | 11.6 | 10.6 |
| Dividend yield | 2.72% | 4.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | FMNB |
|---|---|---|
| 2022 | -14.9% | -20.6% |
| 2023 | -5.3% | +7.8% |
| 2024 | +23.1% | +3.4% |
| 2025 | -13.0% | -1.7% |
| 2026 | +39.4% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and FMNB good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FMAO and FMNB?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.67 over the last year and 0.68 over 5 years.
Is FMNB a good diversifier for FMAO?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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: FMAO correlations · FMNB correlations
