FMBH vs IBCP: Correlation
How closely do First Mid Bancshares, Inc. (FMBH) and Independent Bank Corporation (IBCP) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and IBCP?
Across a 3-year window, the weekly returns of FMBH and IBCP correlate at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.87 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 652.1 %².
Within FMBH's tracked universe of 56 assets, IBCP comes in at #9 by 3-year correlation. On 12-month performance FMBH holds a 13.2-point edge, +26.9% against +13.7%.
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 IBCP: side by side
| FMBH (First Mid Bancshares, Inc.) | IBCP (Independent Bank Corporation) | |
|---|---|---|
| 1-year return | +26.9% | +13.7% |
| 5-year return | +40.9% | +112.7% |
| Volatility (ann.) | 26.0% | 28.7% |
| Beta vs S&P 500 | 0.76 | 0.77 |
| Max drawdown (3Y) | -27.5% | -27.5% |
| Market cap | $1.3B | $0.8B |
| P/E (trailing) | 12.5 | 10.6 |
| Dividend yield | 1.99% | 2.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | IBCP |
|---|---|---|
| 2022 | -23.2% | +4.3% |
| 2023 | +11.6% | +14.0% |
| 2024 | +9.1% | +38.5% |
| 2025 | +8.7% | -3.5% |
| 2026 | +31.1% | +15.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and IBCP good diversifiers for each other?
No: a correlation of 0.87 means FMBH and IBCP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMBH and IBCP?
As of 2026-08-27, the correlation of weekly returns between FMBH and IBCP is 0.87 over 3 years, 0.87 over 1 year and 0.83 over 5 years.
Is IBCP a good diversifier for FMBH?
No: a correlation of 0.87 means FMBH and IBCP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 mean?
A reading of 0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmbh-vs-ibcp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmbh-vs-ibcp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMBH correlations · IBCP correlations
