ALRS vs NWBI: Correlation
Measured on weekly returns over the past three years, Alerus Financial Corporation (ALRS) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALRS and NWBI?
Over the past 3 years, ALRS and NWBI moved with a correlation of 0.75, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 585.8 %².
Few assets follow ALRS as closely as NWBI, which ranks #2 of 16 tracked partners. Correlation aside, the last 12 months split them widely, with ALRS ahead by 25.5 points (+53.2% versus +27.7%).
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.
ALRS vs NWBI: side by side
| ALRS (Alerus Financial Corporation) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +53.2% | +27.7% |
| 5-year return | +33.2% | +62.0% |
| Volatility (ann.) | 31.4% | 24.9% |
| Beta vs S&P 500 | 0.88 | 0.60 |
| Max drawdown (3Y) | -32.5% | -26.6% |
| Market cap | $0.8B | $2.2B |
| P/E (trailing) | 30.8 | 14.9 |
| Dividend yield | 2.56% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALRS | NWBI |
|---|---|---|
| 2022 | -17.9% | +4.6% |
| 2023 | -0.2% | -4.4% |
| 2024 | -10.7% | +12.7% |
| 2025 | +21.7% | -2.9% |
| 2026 | +50.0% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALRS and NWBI good diversifiers for each other?
Only partially. A correlation of 0.75 means ALRS and NWBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ALRS and NWBI?
As of 2026-08-27, the correlation of weekly returns between ALRS and NWBI is 0.75 over 3 years, 0.78 over 1 year and 0.67 over 5 years.
Is NWBI a good diversifier for ALRS?
Only partially. A correlation of 0.75 means ALRS and NWBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
A reading of 0.75 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/alrs-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alrs-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALRS correlations · NWBI correlations
