FMAO vs LE: Correlation
How closely do Farmers & Merchants Bancorp, Inc. (FMAO) and Lands' End, Inc. (LE) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and LE?
On 3 years of weekly data the FMAO/LE correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.44). The 5-year figure is 0.31, and annualized covariance runs at 899.2 %².
Among the 19 assets we track against FMAO, LE ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FMAO outperformed by 50.5 percentage points (+31.4% for FMAO against -19.1% for LE). Note the risk asymmetry: LE 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.
FMAO vs LE: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | LE (Lands' End, Inc.) | |
|---|---|---|
| 1-year return | +31.4% | -19.1% |
| 5-year return | +78.8% | -66.7% |
| Volatility (ann.) | 36.2% | 56.5% |
| Beta vs S&P 500 | 0.90 | 1.15 |
| Max drawdown (3Y) | -35.0% | -61.1% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | 11.6 | 1.1 |
| Dividend yield | 2.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | LE |
|---|---|---|
| 2022 | -14.9% | -61.3% |
| 2023 | -5.3% | +26.0% |
| 2024 | +23.1% | +37.4% |
| 2025 | -13.0% | +10.5% |
| 2026 | +39.4% | -18.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and LE good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FMAO and LE?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.20 over the last year and 0.31 over 5 years.
Is LE a good diversifier for FMAO?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/fmao-vs-le.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmao-vs-le/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMAO correlations · LE correlations
