FMNB vs GLRE: Correlation
How closely do Farmers National Banc Corp. (FMNB) and Greenlight Reinsurance, Ltd. - Class A (GLRE) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMNB and GLRE?
Across a 3-year window, the weekly returns of FMNB and GLRE correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.39, with an annualized covariance of 340.5 %².
By 3-year correlation, GLRE places #12 of the 20 assets tracked against FMNB. On 12-month performance GLRE holds a 8.3-point edge, +10.3% against +18.6%.
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.
FMNB vs GLRE: side by side
| FMNB (Farmers National Banc Corp.) | GLRE (Greenlight Reinsurance, Ltd. - Class A) | |
|---|---|---|
| 1-year return | +10.3% | +18.6% |
| 5-year return | +27.6% | +84.1% |
| Volatility (ann.) | 27.7% | 24.0% |
| Beta vs S&P 500 | 0.71 | 0.33 |
| Max drawdown (3Y) | -23.6% | -22.8% |
| Market cap | $0.9B | $0.5B |
| P/E (trailing) | 10.6 | 10.4 |
| Dividend yield | 4.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMNB | GLRE |
|---|---|---|
| 2022 | -20.6% | +4.0% |
| 2023 | +7.8% | +40.1% |
| 2024 | +3.4% | +22.6% |
| 2025 | -1.7% | +4.1% |
| 2026 | +21.3% | +5.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMNB and GLRE good diversifiers for each other?
Only partially. A correlation of 0.51 means FMNB and GLRE 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 FMNB and GLRE?
The FMNB/GLRE correlation stands at 0.51 on a 3-year window (1 year: 0.26, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is GLRE a good diversifier for FMNB?
Only partially. A correlation of 0.51 means FMNB and GLRE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/fmnb-vs-glre.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmnb-vs-glre/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMNB correlations · GLRE correlations
