AROW vs NBTB: Correlation
How closely do Arrow Financial Corporation (AROW) and NBT Bancorp Inc. (NBTB) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and NBTB?
On 3 years of weekly data the AROW/NBTB correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 672.1 %².
Few assets follow AROW as closely as NBTB, which ranks #2 of 11 tracked partners. The last year tells two different stories: AROW led by 16.6 percentage points, +34.7% for AROW against +18.1% for NBTB.
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.
AROW vs NBTB: side by side
| AROW (Arrow Financial Corporation) | NBTB (NBT Bancorp Inc.) | |
|---|---|---|
| 1-year return | +34.7% | +18.1% |
| 5-year return | +32.7% | +68.0% |
| Volatility (ann.) | 30.3% | 27.2% |
| Beta vs S&P 500 | 0.73 | 0.75 |
| Max drawdown (3Y) | -29.9% | -25.7% |
| Market cap | $0.7B | $2.7B |
| P/E (trailing) | 12.3 | 12.5 |
| Dividend yield | 3.10% | 2.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | NBTB |
|---|---|---|
| 2022 | +2.3% | +16.0% |
| 2023 | -13.4% | -0.1% |
| 2024 | +7.2% | +17.7% |
| 2025 | +13.9% | -10.2% |
| 2026 | +25.0% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and NBTB good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AROW and NBTB?
The AROW/NBTB correlation stands at 0.82 on a 3-year window (1 year: 0.82, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is NBTB a good diversifier for AROW?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arow-vs-nbtb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arow-vs-nbtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AROW correlations · NBTB correlations
