BUSE vs NWBI: Correlation
Measured on weekly returns over the past three years, First Busey Corporation (BUSE) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUSE and NWBI?
Across a 3-year window, the weekly returns of BUSE and NWBI correlate at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 586.2 %².
By 3-year correlation, NWBI places #5 of the 38 assets tracked against BUSE. Twelve-month performance is nearly a tie, at +27.5% for BUSE and +27.7% for NWBI.
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 NWBI: side by side
| BUSE (First Busey Corporation) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +27.5% | +27.7% |
| 5-year return | +56.7% | +62.0% |
| Volatility (ann.) | 26.7% | 24.9% |
| Beta vs S&P 500 | 0.79 | 0.60 |
| Max drawdown (3Y) | -31.0% | -26.6% |
| Market cap | $2.5B | $2.2B |
| P/E (trailing) | 12.3 | 14.9 |
| Dividend yield | 3.39% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUSE | NWBI |
|---|---|---|
| 2022 | -5.5% | +4.6% |
| 2023 | +5.1% | -4.4% |
| 2024 | -1.2% | +12.7% |
| 2025 | +5.5% | -2.9% |
| 2026 | +30.7% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUSE and NWBI good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BUSE and NWBI?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.88 over the last year and 0.81 over 5 years.
Is NWBI a good diversifier for BUSE?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/buse-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BUSE correlations · NWBI correlations
