Independent Bank Correlations

INDB Stock

USD 67.16 0.12 0.18%

The current 90-days correlation between Independent Bank and Business First Bancshares is 0.83 (i.e., Very poor diversification). The correlation of Independent Bank is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Independent Bank Correlation With Market

Modest diversification

The correlation between Independent Bank and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Independent Bank and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Independent Bank. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For information on how to trade Independent Stock refer to our How to Trade Independent Stock guide.

Moving together with Independent Stock

0.97	AX	Axos Financial	Pair Corr
0.96	BY	Byline Bancorp	Pair Corr
0.94	PB	Prosperity Bancshares	Pair Corr
0.93	RF	Regions Financial	Pair Corr
0.73	VABK	Virginia National	Pair Corr
0.74	VBNK	VersaBank Normal Trading	Pair Corr
0.81	VBTX	Veritex Holdings	Pair Corr
0.66	TFC-PI	Truist Financial	Pair Corr
0.66	EBMT	Eagle Bancorp Montana	Pair Corr
0.89	EFSC	Enterprise Financial Normal Trading	Pair Corr
0.88	EGBN	Eagle Bancorp	Pair Corr
0.62	KEY-PK	KeyCorp	Pair Corr
0.95	WABC	Westamerica Bancorporation	Pair Corr
0.71	WAFD	Washington Federal	Pair Corr
0.81	WASH	Washington Trust Bancorp	Pair Corr
0.95	EQBK	Equity Bancshares,	Pair Corr
0.64	ESSA	ESSA Bancorp	Pair Corr
0.74	EVBN	Evans Bancorp	Pair Corr
0.8	WMPN	William Penn Bancorp	Pair Corr

Moving against Independent Stock

0.43	FRCCL	First Republic Bank	Pair Corr
0.43	FRCHL	First Republic Bank	Pair Corr
0.32	FRCIL	First Republic Bank	Pair Corr

Related Correlations Analysis

	CFFN	BFIN	BFST	FBNC	CWBC	HFWA	HMNF	FFNW	BSRR	FNWD
CFFN		0.2	0.81	0.59	0.6	0.56	-0.46	0.9	0.74	0.9	CFFN
BFIN	0.2		0.49	0.62	0.75	0.51	0.04	0.23	0.35	0.13	BFIN
BFST	0.81	0.49		0.81	0.72	0.83	-0.1	0.69	0.9	0.58	BFST
FBNC	0.59	0.62	0.81		0.87	0.92	-0.05	0.43	0.85	0.37	FBNC
CWBC	0.6	0.75	0.72	0.87		0.74	-0.19	0.51	0.64	0.49	CWBC
HFWA	0.56	0.51	0.83	0.92	0.74		0.13	0.33	0.93	0.26	HFWA
HMNF	-0.46	0.04	-0.1	-0.05	-0.19	0.13		-0.62	-0.01	-0.56	HMNF
FFNW	0.9	0.23	0.69	0.43	0.51	0.33	-0.62		0.53	0.87	FFNW
BSRR	0.74	0.35	0.9	0.85	0.64	0.93	-0.01	0.53		0.44	BSRR
FNWD	0.9	0.13	0.58	0.37	0.49	0.26	-0.56	0.87	0.44		FNWD
	CFFN	BFIN	BFST	FBNC	CWBC	HFWA	HMNF	FFNW	BSRR	FNWD

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BSRR	+ 0.93	HFWA
HFWA	+ 0.92	FBNC
FFNW	+ 0.9	CFFN
FNWD	+ 0.9	CFFN
BSRR	+ 0.9	BFST
CWBC	+ 0.87	FBNC

High negative correlations

FFNW	- 0.62	HMNF
FNWD	- 0.56	HMNF
HMNF	- 0.46	CFFN
HMNF	- 0.19	CWBC
HMNF	- 0.1	BFST
HMNF	- 0.05	FBNC

Risk-Adjusted Indicators

There is a big difference between Independent Stock performing well and Independent Bank Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Independent Bank's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CFFN	1.29	(0.20)	0.00	(0.49)	0.00	0.00	2.63	(3.00)	16.58
BFIN	1.47	0.20	0.05	(1.11)	1.68	(1.66)	3.28	(3.18)	8.56
BFST	1.72	0.12	0.03	0.37	1.87	(1.99)	3.69	(3.48)	18.32
FBNC	1.53	0.06	0.00	0.22	1.73	(2.04)	3.82	(2.21)	19.15
CWBC	1.08	0.05	(0.02)	0.51	1.27	(1.16)	2.53	(1.95)	11.26
HFWA	1.41	0.18	0.08	0.39	1.57	(1.49)	2.91	(2.94)	21.63
HMNF	1.88	0.44	0.13	(0.82)	1.85	(2.37)	4.29	(3.19)	13.15
FFNW	0.80	(0.12)	0.00	(0.35)	0.00	0.00	1.58	(1.74)	4.32
BSRR	1.74	0.08	0.02	0.23	2.16	(2.07)	3.61	(3.13)	26.66
FNWD	0.96	(0.26)	0.00	(0.95)	0.00	0.00	2.12	(2.54)	8.51

Independent Bank Corporate Management

Lee Powlus	Chief VP	Profile
CFA CFA	MD Company	Profile
Dawn Mugford	Executive Officer	Profile
Timothy Lane	Senior Auditor	Profile
Patricia Esq	Executive Counsel	Profile
Barry Jensen	CIO of Rockland Trust	Profile

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