First Commonwealth Correlations

FCF Stock

USD 15.75 0.05 0.32%

The current 90-days correlation between First Commonwealth and Heritage Financial is 0.72 (i.e., Poor diversification). The correlation of First Commonwealth 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.

First Commonwealth Correlation With Market

Very weak diversification

The correlation between First Commonwealth Financial and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Commonwealth Financial and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Commonwealth Financial. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with First Stock

0.89	AX	Axos Financial	Pair Corr
0.85	BY	Byline Bancorp	Pair Corr
0.72	PB	Prosperity Bancshares	Pair Corr
0.79	RF	Regions Financial	Pair Corr
0.63	VABK	Virginia National	Pair Corr
0.85	VBNK	VersaBank	Pair Corr
0.95	VBTX	Veritex Holdings	Pair Corr
0.93	EGBN	Eagle Bancorp	Pair Corr
0.67	WAFD	Washington Federal	Pair Corr
0.81	EQBK	Equity Bancshares,	Pair Corr
0.67	WAFDP	Washington Federal	Pair Corr
0.62	TFINP	Triumph Financial	Pair Corr
0.91	EVBN	Evans Bancorp	Pair Corr
0.78	WMPN	William Penn Bancorp	Pair Corr

Moving against First Stock

0.81	VBFC	Village Bank	Pair Corr
0.77	DB	Deutsche Bank AG	Pair Corr
0.62	TECTP	Tectonic Financial	Pair Corr
0.5	EBMT	Eagle Bancorp Montana	Pair Corr
0.53	KEY-PI	KeyCorp	Pair Corr
0.47	WSBCP	WesBanco	Pair Corr
0.46	KEY-PL	KeyCorp	Pair Corr
0.38	BANC-PF	Banc of California	Pair Corr

Related Correlations Analysis

	GSBC	HFWA	FNWD	QCRH	FMBH	FINW	LBC	HBCP	EFSC	CWBC
GSBC		0.48	-0.23	0.61	0.65	0.04	0.0	0.52	0.51	0.78	GSBC
HFWA	0.48		-0.57	0.34	0.77	0.44	0.0	0.83	0.78	0.67	HFWA
FNWD	-0.23	-0.57		-0.38	-0.57	-0.49	0.0	-0.58	-0.65	-0.18	FNWD
QCRH	0.61	0.34	-0.38		0.25	-0.24	0.0	0.29	0.27	0.33	QCRH
FMBH	0.65	0.77	-0.57	0.25		0.59	0.0	0.85	0.85	0.8	FMBH
FINW	0.04	0.44	-0.49	-0.24	0.59		0.0	0.63	0.72	0.19	FINW
LBC	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	LBC
HBCP	0.52	0.83	-0.58	0.29	0.85	0.63	0.0		0.93	0.65	HBCP
EFSC	0.51	0.78	-0.65	0.27	0.85	0.72	0.0	0.93		0.54	EFSC
CWBC	0.78	0.67	-0.18	0.33	0.8	0.19	0.0	0.65	0.54		CWBC
	GSBC	HFWA	FNWD	QCRH	FMBH	FINW	LBC	HBCP	EFSC	CWBC

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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

EFSC	+ 0.93	HBCP
HBCP	+ 0.85	FMBH
EFSC	+ 0.85	FMBH
HBCP	+ 0.83	HFWA
CWBC	+ 0.8	FMBH
CWBC	+ 0.78	GSBC

High negative correlations

EFSC	- 0.65	FNWD
HBCP	- 0.58	FNWD
FMBH	- 0.57	FNWD
FNWD	- 0.57	HFWA
FINW	- 0.49	FNWD
QCRH	- 0.38	FNWD

Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Commonwealth 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 First Commonwealth'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
GSBC	1.19	(0.10)	0.00	(0.11)	0.00	0.00	2.41	(2.54)	7.73
HFWA	1.07	0.03	0.02	0.03	1.40	(1.14)	2.33	(2.97)	8.15
FNWD	0.99	0.00	0.00	0.00	1.33	(1.00)	2.12	(1.67)	8.51
QCRH	0.89	(0.20)	0.00	(0.23)	0.00	0.00	1.67	(2.08)	6.00
FMBH	1.10	(0.08)	0.00	(0.08)	0.00	0.00	2.77	(2.54)	6.93
FINW	1.99	0.02	0.01	0.02	2.46	(2.08)	4.46	(3.65)	15.63
LBC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HBCP	1.32	0.03	0.02	0.02	1.70	(1.35)	3.09	(3.06)	8.36
EFSC	1.22	0.01	0.01	0.01	1.48	(1.32)	3.01	(2.47)	7.94
CWBC	0.95	(0.11)	0.00	(0.12)	0.00	0.00	2.45	(2.14)	6.01

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