IBCP vs MBWM: Correlation
How closely do Independent Bank Corporation (IBCP) and Mercantile Bank Corporation (MBWM) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBCP and MBWM?
On 3 years of weekly data the IBCP/MBWM correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 756.6 %².
Few assets follow IBCP as closely as MBWM, which ranks #1 of 15 tracked partners. On 12-month performance MBWM holds a 10.0-point edge, +13.7% against +23.7%.
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.
IBCP vs MBWM: side by side
| IBCP (Independent Bank Corporation) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +13.7% | +23.7% |
| 5-year return | +112.7% | +126.2% |
| Volatility (ann.) | 28.7% | 29.8% |
| Beta vs S&P 500 | 0.77 | 0.82 |
| Max drawdown (3Y) | -27.5% | -25.0% |
| Market cap | $0.8B | $1.0B |
| P/E (trailing) | 10.6 | 10.5 |
| Dividend yield | 2.94% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBCP | MBWM |
|---|---|---|
| 2022 | +4.3% | -0.8% |
| 2023 | +14.0% | +25.8% |
| 2024 | +38.5% | +14.0% |
| 2025 | -3.5% | +11.7% |
| 2026 | +15.3% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBCP and MBWM good diversifiers for each other?
No. With a correlation of 0.88, IBCP and MBWM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IBCP and MBWM?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.87 over the last year and 0.84 over 5 years.
Is MBWM a good diversifier for IBCP?
No. With a correlation of 0.88, IBCP and MBWM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 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
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Related comparisons
Hubs: IBCP correlations · MBWM correlations
