FULT vs MSBI: Correlation
Fulton Financial Corporation (FULT) and Midland States Bancorp, Inc. (MSBI) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FULT and MSBI?
On 3 years of weekly data the FULT/MSBI correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 743.0 %².
By 3-year correlation, MSBI places #36 of the 45 assets tracked against FULT. The last year tells two different stories: MSBI led by 63.0 percentage points, +24.1% for FULT against +87.1% for MSBI.
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.
FULT vs MSBI: side by side
| FULT (Fulton Financial Corporation) | MSBI (Midland States Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +24.1% | +87.1% |
| 5-year return | +85.0% | +70.9% |
| Volatility (ann.) | 30.3% | 34.4% |
| Beta vs S&P 500 | 1.03 | 0.70 |
| Max drawdown (3Y) | -29.9% | -44.3% |
| Market cap | $4.5B | $0.7B |
| P/E (trailing) | 11.4 | 20.9 |
| Dividend yield | 3.15% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FULT | MSBI |
|---|---|---|
| 2022 | +3.1% | +12.0% |
| 2023 | +2.5% | +9.1% |
| 2024 | +21.9% | -6.7% |
| 2025 | +4.3% | -6.9% |
| 2026 | +25.0% | +60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FULT and MSBI good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FULT and MSBI?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.66 over the last year and 0.71 over 5 years.
Is MSBI a good diversifier for FULT?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/fult-vs-msbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fult-vs-msbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FULT correlations · MSBI correlations
