BWB vs THFF: Correlation
Measured on weekly returns over the past three years, Bridgewater Bancshares, Inc. (BWB) and First Financial Corporation (THFF) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and THFF?
On 3 years of weekly data the BWB/THFF correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 680.5 %².
Among the 13 assets we track against BWB, THFF ranks #5 by 3-year correlation. Over the last 12 months THFF came out ahead by 9.2 percentage points (+29.6% against +38.8%).
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 THFF: side by side
| BWB (Bridgewater Bancshares, Inc.) | THFF (First Financial Corporation) | |
|---|---|---|
| 1-year return | +29.6% | +38.8% |
| 5-year return | +31.0% | +135.2% |
| Volatility (ann.) | 30.6% | 28.2% |
| Beta vs S&P 500 | 1.00 | 0.81 |
| Max drawdown (3Y) | -22.2% | -20.2% |
| Market cap | $0.6B | $0.9B |
| P/E (trailing) | 11.5 | 11.1 |
| Dividend yield | 0.00% | 2.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | THFF |
|---|---|---|
| 2022 | +0.3% | +4.4% |
| 2023 | -23.8% | -2.6% |
| 2024 | -0.1% | +11.1% |
| 2025 | +29.8% | +36.2% |
| 2026 | +21.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and THFF good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWB and THFF?
As of 2026-08-27, the correlation of weekly returns between BWB and THFF is 0.79 over 3 years, 0.72 over 1 year and 0.74 over 5 years.
Is THFF a good diversifier for BWB?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
A reading of 0.79 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 · THFF correlations
