ORRF vs SHBI: Correlation
How closely do Orrstown Financial Services, Inc. (ORRF) and Shore Bancshares, Inc. (SHBI) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORRF and SHBI?
Over the past 3 years, ORRF and SHBI moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 787.8 %².
SHBI is one of the assets that tracks ORRF most closely: it ranks #3 out of the 17 assets we track against ORRF. Over the last 12 months SHBI came out ahead by 13.1 percentage points (+24.6% against +37.7%).
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.
ORRF vs SHBI: side by side
| ORRF (Orrstown Financial Services, Inc.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +24.6% | +37.7% |
| 5-year return | +111.1% | +51.7% |
| Volatility (ann.) | 28.5% | 32.6% |
| Beta vs S&P 500 | 0.84 | 0.89 |
| Max drawdown (3Y) | -35.9% | -31.9% |
| Market cap | $0.8B | $0.8B |
| P/E (trailing) | 9.5 | 11.7 |
| Dividend yield | 2.70% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ORRF | SHBI |
|---|---|---|
| 2022 | -5.3% | -14.4% |
| 2023 | +32.3% | -15.1% |
| 2024 | +27.7% | +15.6% |
| 2025 | -0.0% | +15.0% |
| 2026 | +21.8% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORRF and SHBI good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ORRF and SHBI?
As of 2026-08-27, the correlation of weekly returns between ORRF and SHBI is 0.85 over 3 years, 0.84 over 1 year and 0.72 over 5 years.
Is SHBI a good diversifier for ORRF?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 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.
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Related comparisons
Hubs: ORRF correlations · SHBI correlations
