BOC vs NWFL: Correlation
Measured on weekly returns over the past three years, Boston Omaha Corporation (BOC) and Norwood Financial Corp. (NWFL) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOC and NWFL?
Over the past 3 years, BOC and NWFL moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 392.7 %².
Within BOC's tracked universe of 12 assets, NWFL comes in at #4 by 3-year correlation. The last year tells two different stories: NWFL led by 32.8 percentage points, +1.5% for BOC against +34.3% for NWFL.
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.
BOC vs NWFL: side by side
| BOC (Boston Omaha Corporation) | NWFL (Norwood Financial Corp.) | |
|---|---|---|
| 1-year return | +1.5% | +34.3% |
| 5-year return | -60.8% | +65.8% |
| Volatility (ann.) | 29.8% | 31.4% |
| Beta vs S&P 500 | 0.31 | 0.64 |
| Max drawdown (3Y) | -37.4% | -33.6% |
| Market cap | $0.4B | $0.4B |
| P/E (trailing) | – | 11.7 |
| Dividend yield | 0.00% | 3.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOC | NWFL |
|---|---|---|
| 2022 | -7.8% | +34.1% |
| 2023 | -40.6% | +2.4% |
| 2024 | -9.9% | -13.6% |
| 2025 | -12.8% | +8.4% |
| 2026 | +11.2% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOC and NWFL good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BOC and NWFL?
As of 2026-08-27, the correlation of weekly returns between BOC and NWFL is 0.42 over 3 years, 0.21 over 1 year and 0.30 over 5 years.
Is NWFL a good diversifier for BOC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/boc-vs-nwfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boc-vs-nwfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOC correlations · NWFL correlations
