BWB vs SHBI: Correlation
Measured on weekly returns over the past three years, Bridgewater Bancshares, Inc. (BWB) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and SHBI?
On 3 years of weekly data the BWB/SHBI correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.67) runs below the 3-year figure (0.80). The 5-year figure is 0.75, and annualized covariance runs at 799.6 %².
SHBI is one of the assets that tracks BWB most closely: it ranks #1 out of the 13 assets we track against BWB. The trailing year gives SHBI the advantage: +29.6% versus +37.7%, a 8.1-point spread.
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.
BWB vs SHBI: side by side
| BWB (Bridgewater Bancshares, Inc.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +29.6% | +37.7% |
| 5-year return | +31.0% | +51.7% |
| Volatility (ann.) | 30.6% | 32.6% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -22.2% | -31.9% |
| Market cap | $0.6B | $0.8B |
| P/E (trailing) | 11.5 | 11.7 |
| Dividend yield | 0.00% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | SHBI |
|---|---|---|
| 2022 | +0.3% | -14.4% |
| 2023 | -23.8% | -15.1% |
| 2024 | -0.1% | +15.6% |
| 2025 | +29.8% | +15.0% |
| 2026 | +21.6% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and SHBI good diversifiers for each other?
No. With a correlation of 0.80, BWB and SHBI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BWB and SHBI?
As of 2026-08-27, the correlation of weekly returns between BWB and SHBI is 0.80 over 3 years, 0.67 over 1 year and 0.75 over 5 years.
Is SHBI a good diversifier for BWB?
No. With a correlation of 0.80, BWB and SHBI move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BWB correlations · SHBI correlations
