FRMM vs PBHC: Correlation
Measured on weekly returns over the past three years, Forum Markets, Incorporated (FRMM) and Pathfinder Bancorp, Inc. (PBHC) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRMM and PBHC?
Across a 3-year window, the weekly returns of FRMM and PBHC correlate at 0.38, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.38). Stretching to 5 years gives 0.30, with an annualized covariance of 2339.8 %².
By 3-year correlation, PBHC places #9 of the 15 assets tracked against FRMM. The last year tells two different stories: PBHC led by 93.4 percentage points, -81.0% for FRMM against +12.4% for PBHC. One caveat on sizing: FRMM is 8.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FRMM vs PBHC: side by side
| FRMM (Forum Markets, Incorporated) | PBHC (Pathfinder Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -81.0% | +12.4% |
| 5-year return | -100.0% | +13.4% |
| Volatility (ann.) | 228.0% | 27.4% |
| Beta vs S&P 500 | 2.29 | -0.02 |
| Max drawdown (3Y) | -98.9% | -33.6% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | 1632.0 |
| Dividend yield | 0.00% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRMM | PBHC |
|---|---|---|
| 2022 | -95.7% | +13.5% |
| 2023 | -93.7% | -25.1% |
| 2024 | -55.2% | +28.5% |
| 2025 | -73.1% | -17.3% |
| 2026 | +15.5% | +18.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRMM and PBHC good diversifiers for each other?
Reasonably. At 0.38, FRMM and PBHC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FRMM and PBHC?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.09 over the last year and 0.30 over 5 years.
Is PBHC a good diversifier for FRMM?
Reasonably. At 0.38, FRMM and PBHC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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/frmm-vs-pbhc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frmm-vs-pbhc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRMM correlations · PBHC correlations
