FRME vs TCRT: Correlation
First Merchants Corporation (FRME) and Alaunos Therapeutics, Inc. (TCRT) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRME and TCRT?
On 3 years of weekly data the FRME/TCRT correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.24 over 3. The 5-year figure is -0.18, and annualized covariance runs at -888.6 %².
Out of 26 assets tracked against FRME, TCRT lands near the bottom at #24. The last year tells two different stories: FRME led by 15.7 percentage points, +3.5% for FRME against -12.2% for TCRT. Note the risk asymmetry: TCRT runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TCRT: side by side
| FRME (First Merchants Corporation) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +3.5% | -12.2% |
| 5-year return | +22.0% | -99.3% |
| Volatility (ann.) | 29.8% | 121.9% |
| Beta vs S&P 500 | 0.78 | -1.11 |
| Max drawdown (3Y) | -23.9% | -95.0% |
| Market cap | $2.6B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 3.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRME | TCRT |
|---|---|---|
| 2022 | +1.1% | -40.4% |
| 2023 | -5.8% | -89.2% |
| 2024 | +11.8% | -81.8% |
| 2025 | -2.5% | +69.1% |
| 2026 | +13.3% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRME and TCRT good diversifiers for each other?
Yes. With a correlation of -0.24, FRME and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FRME and TCRT?
As of 2026-08-27, the correlation of weekly returns between FRME and TCRT is -0.24 over 3 years, -0.17 over 1 year and -0.18 over 5 years.
Is TCRT a good diversifier for FRME?
Yes. With a correlation of -0.24, FRME and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/frme-vs-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frme-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FRME correlations · TCRT correlations
