FMBH vs MSBI: Correlation
Measured on weekly returns over the past three years, First Mid Bancshares, Inc. (FMBH) and Midland States Bancorp, Inc. (MSBI) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and MSBI?
On 3 years of weekly data the FMBH/MSBI correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 649.9 %².
Within FMBH's tracked universe of 56 assets, MSBI comes in at #43 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MSBI ahead by 60.2 points (+26.9% versus +87.1%).
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 MSBI: side by side
| FMBH (First Mid Bancshares, Inc.) | MSBI (Midland States Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +87.1% |
| 5-year return | +40.9% | +70.9% |
| Volatility (ann.) | 26.0% | 34.4% |
| Beta vs S&P 500 | 0.76 | 0.70 |
| Max drawdown (3Y) | -27.5% | -44.3% |
| Market cap | $1.3B | $0.7B |
| P/E (trailing) | 12.5 | 20.9 |
| Dividend yield | 1.99% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | MSBI |
|---|---|---|
| 2022 | -23.2% | +12.0% |
| 2023 | +11.6% | +9.1% |
| 2024 | +9.1% | -6.7% |
| 2025 | +8.7% | -6.9% |
| 2026 | +31.1% | +60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and MSBI good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FMBH and MSBI?
The FMBH/MSBI correlation stands at 0.73 on a 3-year window (1 year: 0.77, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is MSBI a good diversifier for FMBH?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.73 mean?
A reading of 0.73 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-msbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fmbh-vs-msbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMBH correlations · MSBI correlations
