FMAO vs PBFS: Correlation
Measured on weekly returns over the past three years, Farmers & Merchants Bancorp, Inc. (FMAO) and Pioneer Bancorp, Inc. (PBFS) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and PBFS?
Across a 3-year window, the weekly returns of FMAO and PBFS correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 418.8 %².
By 3-year correlation, PBFS places #9 of the 19 assets tracked against FMAO. The trailing year gives PBFS the advantage: +31.4% versus +38.3%, a 6.9-point spread. Risk is not evenly split, since FMAO carries 1.6 times the volatility of the other side.
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 PBFS: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | PBFS (Pioneer Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +31.4% | +38.3% |
| 5-year return | +78.8% | +44.7% |
| Volatility (ann.) | 36.2% | 22.2% |
| Beta vs S&P 500 | 0.90 | 0.37 |
| Max drawdown (3Y) | -35.0% | -19.3% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | 11.6 | 25.3 |
| Dividend yield | 2.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | PBFS |
|---|---|---|
| 2022 | -14.9% | +0.7% |
| 2023 | -5.3% | -12.2% |
| 2024 | +23.1% | +15.1% |
| 2025 | -13.0% | +17.0% |
| 2026 | +39.4% | +31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and PBFS good diversifiers for each other?
Only partially. A correlation of 0.52 means FMAO and PBFS 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 PBFS?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.51 over the last year and 0.43 over 5 years.
Is PBFS a good diversifier for FMAO?
Only partially. A correlation of 0.52 means FMAO and PBFS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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 · PBFS correlations
