FRME vs SIBN: Correlation
Measured on weekly returns over the past three years, First Merchants Corporation (FRME) and SI-BONE, Inc. (SIBN) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRME and SIBN?
Over the past 3 years, FRME and SIBN moved with a correlation of 0.44, which is moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.44). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 688.2 %².
Among the 26 assets we track against FRME, SIBN ranks #21 by 3-year correlation. On 12-month performance SIBN holds a 12.2-point edge, +3.5% against +15.7%. Risk is not evenly split, since SIBN carries 1.8 times the volatility of the other side.
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.
FRME vs SIBN: side by side
| FRME (First Merchants Corporation) | SIBN (SI-BONE, Inc.) | |
|---|---|---|
| 1-year return | +3.5% | +15.7% |
| 5-year return | +22.0% | -19.1% |
| Volatility (ann.) | 29.8% | 52.2% |
| Beta vs S&P 500 | 0.78 | 0.73 |
| Max drawdown (3Y) | -23.9% | -49.3% |
| Market cap | $2.6B | $0.9B |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 3.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRME | SIBN |
|---|---|---|
| 2022 | +1.1% | -38.8% |
| 2023 | -5.8% | +54.3% |
| 2024 | +11.8% | -33.2% |
| 2025 | -2.5% | +40.7% |
| 2026 | +13.3% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRME and SIBN good diversifiers for each other?
Reasonably. At 0.44, FRME and SIBN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRME and SIBN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.12 over the last year and 0.30 over 5 years.
Is SIBN a good diversifier for FRME?
Reasonably. At 0.44, FRME and SIBN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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.
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Related comparisons
Hubs: FRME correlations · SIBN correlations
