FMAO vs RBCAA: Correlation
How closely do Farmers & Merchants Bancorp, Inc. (FMAO) and Republic Bancorp, Inc. (RBCAA) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and RBCAA?
Across a 3-year window, the weekly returns of FMAO and RBCAA correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.72 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.67, with an annualized covariance of 831.5 %².
RBCAA is one of the assets that tracks FMAO most closely: it ranks #1 out of the 19 assets we track against FMAO. The trailing year gives FMAO the advantage: +31.4% versus +25.1%, a 6.3-point spread.
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 RBCAA: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | RBCAA (Republic Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +31.4% | +25.1% |
| 5-year return | +78.8% | +117.3% |
| Volatility (ann.) | 36.2% | 28.1% |
| Beta vs S&P 500 | 0.90 | 0.68 |
| Max drawdown (3Y) | -35.0% | -21.6% |
| Market cap | $0.5B | $1.8B |
| P/E (trailing) | 11.6 | 14.4 |
| Dividend yield | 2.72% | 2.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | RBCAA |
|---|---|---|
| 2022 | -14.9% | -16.9% |
| 2023 | -5.3% | +39.4% |
| 2024 | +23.1% | +30.3% |
| 2025 | -13.0% | +1.3% |
| 2026 | +39.4% | +38.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and RBCAA good diversifiers for each other?
No: a correlation of 0.82 means FMAO and RBCAA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMAO and RBCAA?
As of 2026-08-27, the correlation of weekly returns between FMAO and RBCAA is 0.82 over 3 years, 0.72 over 1 year and 0.67 over 5 years.
Is RBCAA a good diversifier for FMAO?
No: a correlation of 0.82 means FMAO and RBCAA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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.
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Related comparisons
Hubs: FMAO correlations · RBCAA correlations
