PGC vs SHBI: Correlation
Measured on weekly returns over the past three years, Peapack-Gl (PGC) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGC and SHBI?
Across a 3-year window, the weekly returns of PGC and SHBI correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 921.6 %².
Few assets follow PGC as closely as SHBI, which ranks #3 of 12 tracked partners. The last year tells two different stories: PGC led by 20.0 percentage points, +57.7% for PGC against +37.7% for SHBI.
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.
PGC vs SHBI: side by side
| PGC (Peapack-Gl) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +57.7% | +37.7% |
| 5-year return | +41.8% | +51.7% |
| Volatility (ann.) | 34.4% | 32.6% |
| Beta vs S&P 500 | 0.88 | 0.89 |
| Max drawdown (3Y) | -34.2% | -31.9% |
| Market cap | $0.8B | $0.8B |
| P/E (trailing) | 15.7 | 11.7 |
| Dividend yield | 0.44% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGC | SHBI |
|---|---|---|
| 2022 | +5.7% | -14.4% |
| 2023 | -19.3% | -15.1% |
| 2024 | +8.3% | +15.6% |
| 2025 | -12.5% | +15.0% |
| 2026 | +62.8% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGC and SHBI good diversifiers for each other?
No: a correlation of 0.82 means PGC and SHBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between PGC and SHBI?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.76 over the last year and 0.77 over 5 years.
Is SHBI a good diversifier for PGC?
No: a correlation of 0.82 means PGC and SHBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 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/pgc-vs-shbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pgc-vs-shbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGC correlations · SHBI correlations
