Chemung Financial Correlations

CHMG Stock

USD 51.83 0.20 0.38%

The current 90-days correlation between Chemung Financial Corp and Finward Bancorp is 0.36 (i.e., Weak diversification). The correlation of Chemung Financial 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.

Chemung Financial Correlation With Market

Poor diversification

The correlation between Chemung Financial Corp and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chemung Financial Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Chemung Financial Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Chemung Stock

0.92	AX	Axos Financial	Pair Corr
0.92	BY	Byline Bancorp Fiscal Year End 23rd of January 2025	Pair Corr
0.94	PB	Prosperity Bancshares Fiscal Year End 22nd of January 2025	Pair Corr
0.94	RF	Regions Financial Sell-off Trend	Pair Corr
0.74	VABK	Virginia National	Pair Corr
0.86	VBNK	VersaBank Fiscal Year End 11th of December 2024	Pair Corr
0.93	VBTX	Veritex Holdings Normal Trading	Pair Corr
0.75	TECTP	Tectonic Financial	Pair Corr
0.78	EBMT	Eagle Bancorp Montana Normal Trading	Pair Corr
0.97	EBTC	Enterprise Bancorp	Pair Corr
0.62	ECBK	ECB Bancorp	Pair Corr
0.93	EFSC	Enterprise Financial Fiscal Year End 27th of January 2025	Pair Corr
0.87	EGBN	Eagle Bancorp Fiscal Year End 22nd of January 2025	Pair Corr
0.63	KEY-PJ	KeyCorp	Pair Corr
0.66	KEY-PK	KeyCorp	Pair Corr
0.63	KEY-PL	KeyCorp	Pair Corr
0.9	WABC	Westamerica Bancorporation Fiscal Year End 16th of January 2025	Pair Corr
0.63	WAFD	Washington Federal	Pair Corr
0.88	WASH	Washington Trust Bancorp Fiscal Year End 22nd of January 2025	Pair Corr
0.75	BANC-PF	Banc of California	Pair Corr
0.93	EQBK	Equity Bancshares, Fiscal Year End 22nd of January 2025	Pair Corr
0.83	ESSA	ESSA Bancorp	Pair Corr
0.88	EVBN	Evans Bancorp	Pair Corr
0.75	WSBCP	WesBanco	Pair Corr

Moving against Chemung Stock

0.47	TFC-PO	Truist Financial	Pair Corr
0.46	CFG-PE	Citizens Financial	Pair Corr
0.42	TFC-PR	Truist Financial	Pair Corr
0.32	WF	Woori Financial Group	Pair Corr
0.48	FRCIL	First Republic Bank	Pair Corr
0.39	FRCCL	First Republic Bank	Pair Corr
0.39	FRCHL	First Republic Bank	Pair Corr

Related Correlations Analysis

	FNWD	CWBC	FFNW	OVLY	HMNF	OFED	CULL	HFBL	FNWB	FCCO
FNWD		-0.33	-0.14	0.37	0.21	-0.66	-0.32	0.13	-0.53	0.34	FNWD
CWBC	-0.33		-0.09	0.66	0.44	0.09	-0.31	-0.04	0.62	0.56	CWBC
FFNW	-0.14	-0.09		-0.22	0.1	0.1	-0.14	-0.04	0.3	-0.19	FFNW
OVLY	0.37	0.66	-0.22		0.57	-0.6	-0.47	0.09	0.14	0.91	OVLY
HMNF	0.21	0.44	0.1	0.57		-0.34	-0.5	-0.16	0.26	0.6	HMNF
OFED	-0.66	0.09	0.1	-0.6	-0.34		0.36	-0.27	0.31	-0.71	OFED
CULL	-0.32	-0.31	-0.14	-0.47	-0.5	0.36		0.09	-0.1	-0.49	CULL
HFBL	0.13	-0.04	-0.04	0.09	-0.16	-0.27	0.09		0.02	0.07	HFBL
FNWB	-0.53	0.62	0.3	0.14	0.26	0.31	-0.1	0.02		0.07	FNWB
FCCO	0.34	0.56	-0.19	0.91	0.6	-0.71	-0.49	0.07	0.07		FCCO
	FNWD	CWBC	FFNW	OVLY	HMNF	OFED	CULL	HFBL	FNWB	FCCO

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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

FCCO	+ 0.91	OVLY
OVLY	+ 0.66	CWBC
FNWB	+ 0.62	CWBC
FCCO	+ 0.6	HMNF
HMNF	+ 0.57	OVLY
FCCO	+ 0.56	CWBC

High negative correlations

FCCO	- 0.71	OFED
OFED	- 0.66	FNWD
OFED	- 0.6	OVLY
FNWB	- 0.53	FNWD
CULL	- 0.5	HMNF
FCCO	- 0.49	CULL

Risk-Adjusted Indicators

There is a big difference between Chemung Stock performing well and Chemung Financial 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 Chemung Financial'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
FNWD	0.96	0.17	0.07	0.74	0.74	(1.21)	2.48	(1.80)	12.55
CWBC	1.03	0.00	0.02	0.11	1.12	(1.11)	2.53	(2.16)	9.14
FFNW	0.61	(0.02)	(0.12)	0.05	0.76	(0.65)	1.65	(1.13)	4.32
OVLY	1.67	0.06	0.08	0.15	1.53	(2.10)	4.78	(2.77)	11.90
HMNF	1.88	0.36	0.12	1.37	1.85	(2.37)	4.29	(3.19)	13.15
OFED	2.13	(0.20)	0.00	0.69	0.00	0.00	3.48	(5.28)	12.66
CULL	0.51	(0.12)	0.00	39.32	0.00	0.00	1.18	(1.64)	4.73
HFBL	1.56	(0.16)	0.00	(0.27)	0.00	0.00	3.75	(4.31)	17.43
FNWB	1.65	0.02	(0.01)	0.14	1.74	(1.92)	4.11	(2.82)	14.21
FCCO	1.24	0.17	0.12	0.30	1.00	(1.43)	3.05	(2.20)	10.76

Chemung Financial Corporate Management

Kathleen McKillip	VP Secretary	Profile
Loren Cole	Executive Officer	Profile
CFA CFA	Ex Company	Profile
Norman Ward	Chief SVP	Profile

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