ASB vs NEWT: Correlation
How closely do Associated Banc-Corp (ASB) and NewtekOne, Inc. (NEWT) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and NEWT?
Across a 3-year window, the weekly returns of ASB and NEWT correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 748.9 %².
Within ASB's tracked universe of 47 assets, NEWT comes in at #31 by 3-year correlation. On 12-month performance ASB holds a 12.6-point edge, +18.5% against +5.9%.
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.
ASB vs NEWT: side by side
| ASB (Associated Banc-Corp) | NEWT (NewtekOne, Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +5.9% |
| 5-year return | +82.7% | -35.1% |
| Volatility (ann.) | 29.0% | 38.9% |
| Beta vs S&P 500 | 1.03 | 1.15 |
| Max drawdown (3Y) | -31.6% | -43.8% |
| Market cap | $5.8B | $0.4B |
| P/E (trailing) | 10.8 | 5.6 |
| Dividend yield | 3.08% | 6.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | NEWT |
|---|---|---|
| 2022 | +6.0% | -33.2% |
| 2023 | -2.9% | -10.7% |
| 2024 | +16.2% | -1.6% |
| 2025 | +11.8% | -4.9% |
| 2026 | +21.7% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and NEWT good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASB and NEWT?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.61 over the last year and 0.56 over 5 years.
Is NEWT a good diversifier for ASB?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
A reading of 0.66 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/asb-vs-newt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asb-vs-newt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASB correlations · NEWT correlations
