FMAO vs THFF: Correlation
Farmers & Merchants Bancorp, Inc. (FMAO) and First Financial Corporation (THFF) 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 THFF?
Across a 3-year window, the weekly returns of FMAO and THFF correlate at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 823.1 %².
Among the 19 assets we track against FMAO, THFF ranks #4 by 3-year correlation. The trailing year gives THFF the advantage: +31.4% versus +38.8%, a 7.4-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 THFF: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | THFF (First Financial Corporation) | |
|---|---|---|
| 1-year return | +31.4% | +38.8% |
| 5-year return | +78.8% | +135.2% |
| Volatility (ann.) | 36.2% | 28.2% |
| Beta vs S&P 500 | 0.90 | 0.81 |
| Max drawdown (3Y) | -35.0% | -20.2% |
| Market cap | $0.5B | $0.9B |
| P/E (trailing) | 11.6 | 11.1 |
| Dividend yield | 2.72% | 2.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMAO | THFF |
|---|---|---|
| 2022 | -14.9% | +4.4% |
| 2023 | -5.3% | -2.6% |
| 2024 | +23.1% | +11.1% |
| 2025 | -13.0% | +36.2% |
| 2026 | +39.4% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and THFF good diversifiers for each other?
No: a correlation of 0.81 means FMAO and THFF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMAO and THFF?
As of 2026-08-27, the correlation of weekly returns between FMAO and THFF is 0.81 over 3 years, 0.80 over 1 year and 0.69 over 5 years.
Is THFF a good diversifier for FMAO?
No: a correlation of 0.81 means FMAO and THFF tend to fall together, which is precisely when diversification is supposed to help.
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 · THFF correlations
