AROW vs NWBI: Correlation
How closely do Arrow Financial Corporation (AROW) and Northwest Bancshares, Inc. (NWBI) 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 NWBI?
Across a 3-year window, the weekly returns of AROW and NWBI correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 615.0 %².
Few assets follow AROW as closely as NWBI, which ranks #3 of 11 tracked partners. The trailing year gives AROW the advantage: +34.7% versus +27.7%, a 7.0-point spread.
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 NWBI: side by side
| AROW (Arrow Financial Corporation) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +34.7% | +27.7% |
| 5-year return | +32.7% | +62.0% |
| Volatility (ann.) | 30.3% | 24.9% |
| Beta vs S&P 500 | 0.73 | 0.60 |
| Max drawdown (3Y) | -29.9% | -26.6% |
| Market cap | $0.7B | $2.2B |
| P/E (trailing) | 12.3 | 14.9 |
| Dividend yield | 3.10% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AROW | NWBI |
|---|---|---|
| 2022 | +2.3% | +4.6% |
| 2023 | -13.4% | -4.4% |
| 2024 | +7.2% | +12.7% |
| 2025 | +13.9% | -2.9% |
| 2026 | +25.0% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and NWBI 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 NWBI?
As of 2026-08-27, the correlation of weekly returns between AROW and NWBI is 0.82 over 3 years, 0.76 over 1 year and 0.73 over 5 years.
Is NWBI 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?
On the −1 to +1 scale, 0.82 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/arow-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arow-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AROW correlations · NWBI correlations
