FMBH vs ORRF: Correlation
Measured on weekly returns over the past three years, First Mid Bancshares, Inc. (FMBH) and Orrstown Financial Services, Inc. (ORRF) 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 ORRF?
Across a 3-year window, the weekly returns of FMBH and ORRF correlate at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.89 lands near the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 636.8 %².
By 3-year correlation, ORRF places #14 of the 56 assets tracked against FMBH. Twelve-month performance is nearly a tie, at +26.9% for FMBH and +24.6% for ORRF.
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 ORRF: side by side
| FMBH (First Mid Bancshares, Inc.) | ORRF (Orrstown Financial Services, Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +24.6% |
| 5-year return | +40.9% | +111.1% |
| Volatility (ann.) | 26.0% | 28.5% |
| Beta vs S&P 500 | 0.76 | 0.84 |
| Max drawdown (3Y) | -27.5% | -35.9% |
| Market cap | $1.3B | $0.8B |
| P/E (trailing) | 12.5 | 9.5 |
| Dividend yield | 1.99% | 2.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | ORRF |
|---|---|---|
| 2022 | -23.2% | -5.3% |
| 2023 | +11.6% | +32.3% |
| 2024 | +9.1% | +27.7% |
| 2025 | +8.7% | -0.0% |
| 2026 | +31.1% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and ORRF good diversifiers for each other?
No. With a correlation of 0.86, FMBH and ORRF move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FMBH and ORRF?
The FMBH/ORRF correlation stands at 0.86 on a 3-year window (1 year: 0.89, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is ORRF a good diversifier for FMBH?
No. With a correlation of 0.86, FMBH and ORRF move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmbh-vs-orrf.json
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[](https://www.pairbook.io/pair/fmbh-vs-orrf/)
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Related comparisons
Hubs: FMBH correlations · ORRF correlations
