FMBH vs PEBO: Correlation
Measured on weekly returns over the past three years, First Mid Bancshares, Inc. (FMBH) and Peoples Bancorp Inc. (PEBO) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMBH and PEBO?
Over the past 3 years, FMBH and PEBO moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.91) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 573.6 %².
Within FMBH's tracked universe of 56 assets, PEBO comes in at #5 by 3-year correlation. The trailing year gives PEBO the advantage: +26.9% versus +33.6%, a 6.7-point spread.
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 PEBO: side by side
| FMBH (First Mid Bancshares, Inc.) | PEBO (Peoples Bancorp Inc.) | |
|---|---|---|
| 1-year return | +26.9% | +33.6% |
| 5-year return | +40.9% | +66.3% |
| Volatility (ann.) | 26.0% | 25.1% |
| Beta vs S&P 500 | 0.76 | 0.69 |
| Max drawdown (3Y) | -27.5% | -24.5% |
| Market cap | $1.3B | $1.4B |
| P/E (trailing) | 12.5 | 12.0 |
| Dividend yield | 1.99% | 4.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMBH | PEBO |
|---|---|---|
| 2022 | -23.2% | -6.6% |
| 2023 | +11.6% | +26.5% |
| 2024 | +9.1% | -1.0% |
| 2025 | +8.7% | +0.1% |
| 2026 | +31.1% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMBH and PEBO good diversifiers for each other?
No: a correlation of 0.88 means FMBH and PEBO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FMBH and PEBO?
The FMBH/PEBO correlation stands at 0.88 on a 3-year window (1 year: 0.91, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is PEBO a good diversifier for FMBH?
No: a correlation of 0.88 means FMBH and PEBO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 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.
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Related comparisons
Hubs: FMBH correlations · PEBO correlations
