AMAL vs FNWB: Correlation
How closely do Amalgamated Financial Corp. (AMAL) and First Northwest Bancorp (FNWB) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAL and FNWB?
Across a 3-year window, the weekly returns of AMAL and FNWB correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 466.6 %².
Among the 11 assets we track against AMAL, FNWB ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AMAL ahead by 20.3 points (+66.7% versus +46.4%).
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.
AMAL vs FNWB: side by side
| AMAL (Amalgamated Financial Corp.) | FNWB (First Northwest Bancorp) | |
|---|---|---|
| 1-year return | +66.7% | +46.4% |
| 5-year return | +247.4% | -35.8% |
| Volatility (ann.) | 32.0% | 34.5% |
| Beta vs S&P 500 | 0.84 | 0.28 |
| Max drawdown (3Y) | -32.8% | -55.0% |
| Market cap | $1.5B | $0.1B |
| P/E (trailing) | 13.0 | 65.5 |
| Dividend yield | 1.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMAL | FNWB |
|---|---|---|
| 2022 | +39.8% | -22.7% |
| 2023 | +19.4% | +6.1% |
| 2024 | +26.3% | -34.3% |
| 2025 | -2.5% | -6.8% |
| 2026 | +53.6% | +18.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAL and FNWB good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMAL and FNWB?
The AMAL/FNWB correlation stands at 0.42 on a 3-year window (1 year: 0.34, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is FNWB a good diversifier for AMAL?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amal-vs-fnwb.json
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Related comparisons
Hubs: AMAL correlations · FNWB correlations
