INDB vs THFF: Correlation
Independent Bank Corp. (INDB) and First Financial Corporation (THFF) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDB and THFF?
Over the past 3 years, INDB and THFF moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.87 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 753.9 %².
Among the 12 assets we track against INDB, THFF ranks #4 by 3-year correlation. The last year tells two different stories: THFF led by 20.5 percentage points, +18.3% for INDB against +38.8% for THFF.
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.
INDB vs THFF: side by side
| INDB (Independent Bank Corp.) | THFF (First Financial Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +38.8% |
| 5-year return | +28.6% | +135.2% |
| Volatility (ann.) | 30.9% | 28.2% |
| Beta vs S&P 500 | 0.85 | 0.81 |
| Max drawdown (3Y) | -30.8% | -20.2% |
| Market cap | $3.9B | $0.9B |
| P/E (trailing) | 14.9 | 11.1 |
| Dividend yield | 2.97% | 2.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDB | THFF |
|---|---|---|
| 2022 | +6.3% | +4.4% |
| 2023 | -18.9% | -2.6% |
| 2024 | +1.6% | +11.1% |
| 2025 | +17.9% | +36.2% |
| 2026 | +14.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDB and THFF good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between INDB and THFF?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.84 over the last year and 0.82 over 5 years.
Is THFF a good diversifier for INDB?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
A reading of 0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indb-vs-thff.json
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Related comparisons
Hubs: INDB correlations · THFF correlations
