BNED vs NEWT: Correlation
Barnes & Noble Education, Inc (BNED) and NewtekOne, Inc. (NEWT) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNED and NEWT?
Across a 3-year window, the weekly returns of BNED and NEWT correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.31, with an annualized covariance of 1732.5 %².
In BNED's tracked universe of 11 assets, NEWT sits right near the top at #2. Correlation aside, the last 12 months split them widely, with BNED ahead by 35.2 points (+41.1% versus +5.9%). Note the risk asymmetry: BNED runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BNED vs NEWT: side by side
| BNED (Barnes & Noble Education, Inc) | NEWT (NewtekOne, Inc.) | |
|---|---|---|
| 1-year return | +41.1% | +5.9% |
| 5-year return | -98.4% | -35.1% |
| Volatility (ann.) | 111.9% | 38.9% |
| Beta vs S&P 500 | 1.64 | 1.15 |
| Max drawdown (3Y) | -97.3% | -43.8% |
| Market cap | $0.4B | $0.4B |
| P/E (trailing) | 25.5 | 5.6 |
| Dividend yield | 0.00% | 6.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNED | NEWT |
|---|---|---|
| 2022 | -74.3% | -33.2% |
| 2023 | -14.9% | -10.7% |
| 2024 | -93.3% | -1.6% |
| 2025 | -8.5% | -4.9% |
| 2026 | +33.9% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNED and NEWT good diversifiers for each other?
Reasonably. At 0.40, BNED and NEWT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BNED and NEWT?
The BNED/NEWT correlation stands at 0.40 on a 3-year window (1 year: 0.39, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is NEWT a good diversifier for BNED?
Reasonably. At 0.40, BNED and NEWT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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/bned-vs-newt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bned-vs-newt/)
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Related comparisons
Hubs: BNED correlations · NEWT correlations
