NFG vs. FMCB
NFG (National Fuel Gas Company) and FMCB (Farmers & Merchants Bancorp) are both stocks. NFG operates in Oil & Gas Integrated (Energy), while FMCB operates in Banks - Regional (Financial Services). Over the past 10 years, NFG returned 6.84%/yr vs 10.11%/yr for FMCB. At a 0.00 correlation, their price movements are largely independent.
Performance
NFG vs. FMCB - Performance Comparison
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Returns By Period
In the year-to-date period, NFG achieves a -2.59% return, which is significantly lower than FMCB's 19.88% return. Over the past 10 years, NFG has underperformed FMCB with an annualized return of 6.84%, while FMCB has yielded a comparatively higher 10.11% annualized return.
NFG
- 1D
- 0.98%
- 1M
- -3.86%
- YTD
- -2.59%
- 6M
- -4.55%
- 1Y
- -5.58%
- 3Y*
- 18.18%
- 5Y*
- 10.46%
- 10Y*
- 6.84%
FMCB
- 1D
- -1.17%
- 1M
- 1.24%
- YTD
- 19.88%
- 6M
- 21.33%
- 1Y
- 34.49%
- 3Y*
- 12.14%
- 5Y*
- 10.51%
- 10Y*
- 10.11%
NFG vs. FMCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NFG National Fuel Gas Company | -2.59% | 35.31% | 25.38% | -17.71% | 1.87% | 60.66% | -7.58% | -5.94% | -3.74% | -0.20% |
FMCB Farmers & Merchants Bancorp | 19.88% | 6.83% | 2.04% | 2.51% | 11.29% | 28.38% | 1.00% | 11.65% | 5.62% | 7.90% |
Correlation
The correlation between NFG and FMCB is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.00 |
Fundamentals
NFG:
$7.27B
FMCB:
$899.84M
NFG:
$7.46
FMCB:
$136.25
NFG:
10.40
FMCB:
9.70
NFG:
0.08
FMCB:
0.76
NFG:
7.22
FMCB:
2.97
NFG:
1.90
FMCB:
1.37
NFG:
$988.24M
FMCB:
$308.67M
NFG:
$576.67M
FMCB:
$243.83M
NFG:
$1.41B
FMCB:
$131.11M
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Return for Risk
NFG vs. FMCB — Risk / Return Rank
NFG
FMCB
NFG vs. FMCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Fuel Gas Company (NFG) and Farmers & Merchants Bancorp (FMCB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NFG | FMCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.39 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 4.83 | -5.10 |
| Martin ratioReturn relative to average drawdown | -0.58 | 13.24 | -13.82 |
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Drawdowns
NFG vs. FMCB - Drawdown Comparison
The maximum NFG drawdown since its inception was -55.49%, which is greater than FMCB's maximum drawdown of -42.00%. Use the drawdown chart below to compare losses from any high point for NFG and FMCB.
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Drawdown Indicators
| NFG | FMCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.49% | -42.00% | -13.49% |
Max Drawdown (1Y)Largest decline over 1 year | -20.45% | -7.17% | -13.28% |
Max Drawdown (3Y)Largest decline over 3 years | -20.45% | -14.32% | -6.13% |
Max Drawdown (5Y)Largest decline over 5 years | -35.74% | -16.91% | -18.83% |
Max Drawdown (10Y)Largest decline over 10 years | -44.28% | -25.24% | -19.04% |
Current DrawdownCurrent decline from peak | -19.20% | -5.43% | -13.77% |
Average DrawdownAverage peak-to-trough decline | -14.34% | -9.63% | -4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.67% | 2.61% | +7.06% |
Volatility
NFG vs. FMCB - Volatility Comparison
The current volatility for National Fuel Gas Company (NFG) is 5.73%, while Farmers & Merchants Bancorp (FMCB) has a volatility of 10.54%. This indicates that NFG experiences smaller price fluctuations and is considered to be less risky than FMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NFG | FMCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 10.54% | -4.81% |
Volatility (6M)Calculated over the trailing 6-month period | 14.17% | 14.91% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.83% | 18.87% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.24% | 20.83% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.03% | 20.73% | +3.30% |
Dividends
NFG vs. FMCB - Dividend Comparison
NFG's dividend yield for the trailing twelve months is around 2.76%, more than FMCB's 1.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMCB Farmers & Merchants Bancorp | 1.55% | 1.74% | 1.71% | 1.62% | 1.54% | 1.59% | 1.94% | 1.85% | 1.99% | 2.00% | 2.05% | 2.39% |
NFG National Fuel Gas Company | 2.76% | 2.65% | 3.36% | 3.91% | 2.97% | 2.83% | 4.30% | 3.72% | 3.30% | 3.00% | 2.84% | 3.67% |
Financials
NFG vs. FMCB - Financials Comparison
This section allows you to compare key financial metrics between National Fuel Gas Company and Farmers & Merchants Bancorp. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NFG vs. FMCB - Profitability Comparison
NFG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Fuel Gas Company reported a gross profit of -300.89M and revenue of -651.51M. Therefore, the gross margin over that period was 46.2%.
FMCB - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Farmers & Merchants Bancorp reported a gross profit of 61.56M and revenue of 76.87M. Therefore, the gross margin over that period was 80.1%.
NFG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Fuel Gas Company reported an operating income of 347.14M and revenue of -651.51M, resulting in an operating margin of -53.3%.
FMCB - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Farmers & Merchants Bancorp reported an operating income of 32.38M and revenue of 76.87M, resulting in an operating margin of 42.1%.
NFG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Fuel Gas Company reported a net income of 247.67M and revenue of -651.51M, resulting in a net margin of -38.0%.
FMCB - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Farmers & Merchants Bancorp reported a net income of 24.07M and revenue of 76.87M, resulting in a net margin of 31.3%.
Frequently Asked Questions
NFG and FMCB have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMCB has higher volatility (10.54%) compared to NFG (5.73%). In terms of maximum drawdown, NFG dropped -55.49% vs FMCB's -42.00%.
FMCB currently has the higher Sharpe Ratio (1.84 vs -0.29), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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