FMBH vs HBNC: Correlation
Measured on weekly returns over the past three years, First Mid Bancshares, Inc. (FMBH) and Horizon Bancorp, Inc. (HBNC) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and HBNC?
On 3 years of weekly data the FMBH/HBNC correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.86 over 3. The 5-year figure is 0.76, and annualized covariance runs at 734.8 %².
Within FMBH's tracked universe of 56 assets, HBNC comes in at #13 by 3-year correlation. Their 12-month results are close: +26.9% for FMBH against +22.1% for HBNC.
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.
FMBH vs HBNC: side by side
| FMBH (First Mid Bancshares, Inc.) | HBNC (Horizon Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +22.1% |
| 5-year return | +40.9% | +36.0% |
| Volatility (ann.) | 26.0% | 32.7% |
| Beta vs S&P 500 | 0.76 | 0.96 |
| Max drawdown (3Y) | -27.5% | -29.6% |
| Market cap | $1.3B | $1.0B |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 1.99% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | HBNC |
|---|---|---|
| 2022 | -23.2% | -25.3% |
| 2023 | +11.6% | +0.4% |
| 2024 | +9.1% | +18.2% |
| 2025 | +8.7% | +9.8% |
| 2026 | +31.1% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and HBNC good diversifiers for each other?
No: a correlation of 0.86 means FMBH and HBNC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMBH and HBNC?
The FMBH/HBNC correlation stands at 0.86 on a 3-year window (1 year: 0.90, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is HBNC a good diversifier for FMBH?
No: a correlation of 0.86 means FMBH and HBNC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/fmbh-vs-hbnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmbh-vs-hbnc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FMBH correlations · HBNC correlations
