BUSE vs NIC: Correlation
How closely do First Busey Corporation (BUSE) and Nicolet Bankshares Inc. (NIC) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and NIC?
On 3 years of weekly data the BUSE/NIC correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.65) than the 3-year average (0.80). The 5-year figure is 0.75, and annualized covariance runs at 628.5 %².
Among the 38 assets we track against BUSE, NIC ranks #23 by 3-year correlation. Their 12-month results are close: +27.5% for BUSE against +24.0% for NIC.
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.
BUSE vs NIC: side by side
| BUSE (First Busey Corporation) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +27.5% | +24.0% |
| 5-year return | +56.7% | +131.8% |
| Volatility (ann.) | 26.7% | 29.4% |
| Beta vs S&P 500 | 0.79 | 0.69 |
| Max drawdown (3Y) | -31.0% | -17.9% |
| Market cap | $2.5B | $3.6B |
| P/E (trailing) | 12.3 | 19.2 |
| Dividend yield | 3.39% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | NIC |
|---|---|---|
| 2022 | -5.5% | -7.0% |
| 2023 | +5.1% | +1.9% |
| 2024 | -1.2% | +31.9% |
| 2025 | +5.5% | +16.8% |
| 2026 | +30.7% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and NIC good diversifiers for each other?
No: a correlation of 0.80 means BUSE and NIC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BUSE and NIC?
The BUSE/NIC correlation stands at 0.80 on a 3-year window (1 year: 0.65, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is NIC a good diversifier for BUSE?
No: a correlation of 0.80 means BUSE and NIC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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/buse-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/buse-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BUSE correlations · NIC correlations
