FMBH vs OVLY: Correlation
First Mid Bancshares, Inc. (FMBH) and Oak Valley Bancorp (CA) (OVLY) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and OVLY?
Over the past 3 years, FMBH and OVLY moved with a correlation of 0.65, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 449.6 %².
Among the 56 assets we track against FMBH, OVLY ranks #47 by 3-year correlation. Twelve-month performance is nearly a tie, at +26.9% for FMBH and +22.2% for OVLY.
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 OVLY: side by side
| FMBH (First Mid Bancshares, Inc.) | OVLY (Oak Valley Bancorp (CA)) | |
|---|---|---|
| 1-year return | +26.9% | +22.2% |
| 5-year return | +40.9% | +111.8% |
| Volatility (ann.) | 26.0% | 26.5% |
| Beta vs S&P 500 | 0.76 | 0.56 |
| Max drawdown (3Y) | -27.5% | -26.3% |
| Market cap | $1.3B | $0.3B |
| P/E (trailing) | 12.5 | 11.9 |
| Dividend yield | 1.99% | 2.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | OVLY |
|---|---|---|
| 2022 | -23.2% | +32.4% |
| 2023 | +11.6% | +33.9% |
| 2024 | +9.1% | -0.7% |
| 2025 | +8.7% | +5.1% |
| 2026 | +31.1% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and OVLY good diversifiers for each other?
Only partially. A correlation of 0.65 means FMBH and OVLY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FMBH and OVLY?
The FMBH/OVLY correlation stands at 0.65 on a 3-year window (1 year: 0.66, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is OVLY a good diversifier for FMBH?
Only partially. A correlation of 0.65 means FMBH and OVLY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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-ovly.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmbh-vs-ovly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FMBH correlations · OVLY correlations
