BFC vs NIC: Correlation
Bank First Corporation (BFC) and Nicolet Bankshares Inc. (NIC) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFC and NIC?
Across a 3-year window, the weekly returns of BFC and NIC correlate at 0.77, strong. Lately the two have drifted apart, with the 1-year correlation at 0.62 versus 0.77 over 3 years. Stretching to 5 years gives 0.70, with an annualized covariance of 608.0 %².
In BFC's tracked universe of 13 assets, NIC sits right near the top at #3. The trailing year gives NIC the advantage: +18.4% versus +24.0%, a 5.6-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.
BFC vs NIC: side by side
| BFC (Bank First Corporation) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +18.4% | +24.0% |
| 5-year return | +139.3% | +131.8% |
| Volatility (ann.) | 26.7% | 29.4% |
| Beta vs S&P 500 | 0.70 | 0.69 |
| Max drawdown (3Y) | -15.7% | -17.9% |
| Market cap | $1.7B | $3.6B |
| P/E (trailing) | 20.0 | 19.2 |
| Dividend yield | 1.27% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFC | NIC |
|---|---|---|
| 2022 | +30.0% | -7.0% |
| 2023 | -5.3% | +1.9% |
| 2024 | +16.4% | +31.9% |
| 2025 | +28.7% | +16.8% |
| 2026 | +25.6% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFC and NIC good diversifiers for each other?
To a limited degree. At 0.77 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 BFC and NIC?
As of 2026-08-27, the correlation of weekly returns between BFC and NIC is 0.77 over 3 years, 0.62 over 1 year and 0.70 over 5 years.
Is NIC a good diversifier for BFC?
To a limited degree. At 0.77 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 0.77 mean?
On the −1 to +1 scale, 0.77 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/bfc-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bfc-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BFC correlations · NIC correlations
