FMAO vs GCBC: Correlation
How closely do Farmers & Merchants Bancorp, Inc. (FMAO) and Greene County Bancorp, Inc. (GCBC) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and GCBC?
On 3 years of weekly data the FMAO/GCBC correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.51, and annualized covariance runs at 951.9 %².
By 3-year correlation, GCBC places #8 of the 19 assets tracked against FMAO. Their recent paths diverged sharply: over the last 12 months GCBC outperformed by 15.7 percentage points (+31.4% for FMAO against +47.1% for GCBC).
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 GCBC: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | GCBC (Greene County Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +31.4% | +47.1% |
| 5-year return | +78.8% | +139.6% |
| Volatility (ann.) | 36.2% | 40.5% |
| Beta vs S&P 500 | 0.90 | 0.75 |
| Max drawdown (3Y) | -35.0% | -42.9% |
| Market cap | $0.5B | $0.6B |
| P/E (trailing) | 11.6 | 14.4 |
| Dividend yield | 2.72% | 1.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | GCBC |
|---|---|---|
| 2022 | -14.9% | +57.9% |
| 2023 | -5.3% | -0.6% |
| 2024 | +23.1% | -0.6% |
| 2025 | -13.0% | -18.5% |
| 2026 | +39.4% | +57.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and GCBC good diversifiers for each other?
Only partially. A correlation of 0.65 means FMAO and GCBC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FMAO and GCBC?
As of 2026-08-27, the correlation of weekly returns between FMAO and GCBC is 0.65 over 3 years, 0.62 over 1 year and 0.51 over 5 years.
Is GCBC a good diversifier for FMAO?
Only partially. A correlation of 0.65 means FMAO and GCBC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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
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Related comparisons
Hubs: FMAO correlations · GCBC correlations
