BMI vs NRIM: Correlation
Measured on weekly returns over the past three years, Badger Meter, Inc. (BMI) and Northrim BanCorp Inc (NRIM) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMI and NRIM?
Over the past 3 years, BMI and NRIM moved with a correlation of 0.44, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.44 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 586.4 %².
Within BMI's tracked universe of 15 assets, NRIM comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NRIM ahead by 37.6 points (-26.1% versus +11.5%).
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.
BMI vs NRIM: side by side
| BMI (Badger Meter, Inc.) | NRIM (Northrim BanCorp Inc) | |
|---|---|---|
| 1-year return | -26.1% | +11.5% |
| 5-year return | +33.9% | +203.9% |
| Volatility (ann.) | 35.9% | 36.9% |
| Beta vs S&P 500 | 0.62 | 0.89 |
| Max drawdown (3Y) | -55.1% | -24.9% |
| Market cap | $4.0B | $0.6B |
| P/E (trailing) | 32.1 | 8.4 |
| Dividend yield | 1.17% | 1.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMI | NRIM |
|---|---|---|
| 2022 | +3.2% | +30.7% |
| 2023 | +42.6% | +10.4% |
| 2024 | +38.3% | +41.9% |
| 2025 | -17.2% | +40.5% |
| 2026 | -20.3% | -1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMI and NRIM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BMI and NRIM?
The BMI/NRIM correlation stands at 0.44 on a 3-year window (1 year: 0.29, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is NRIM a good diversifier for BMI?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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/bmi-vs-nrim.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bmi-vs-nrim/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMI correlations · NRIM correlations
