BWB vs UNB: Correlation
Measured on weekly returns over the past three years, Bridgewater Bancshares, Inc. (BWB) and Union Bankshares, Inc. (UNB) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and UNB?
On 3 years of weekly data the BWB/UNB correlation comes out at 0.47, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.47). The 5-year figure is 0.37, and annualized covariance runs at 496.8 %².
By 3-year correlation, UNB places #8 of the 13 assets tracked against BWB. Correlation aside, the last 12 months split them widely, with BWB ahead by 35.1 points (+29.6% versus -5.5%).
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 UNB: side by side
| BWB (Bridgewater Bancshares, Inc.) | UNB (Union Bankshares, Inc.) | |
|---|---|---|
| 1-year return | +29.6% | -5.5% |
| 5-year return | +31.0% | -7.4% |
| Volatility (ann.) | 30.6% | 34.7% |
| Beta vs S&P 500 | 1.00 | 0.57 |
| Max drawdown (3Y) | -22.2% | -40.1% |
| Market cap | $0.6B | $0.1B |
| P/E (trailing) | 11.5 | 9.1 |
| Dividend yield | 0.00% | 6.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | UNB |
|---|---|---|
| 2022 | +0.3% | -15.4% |
| 2023 | -23.8% | +35.3% |
| 2024 | -0.1% | -0.7% |
| 2025 | +29.8% | -13.8% |
| 2026 | +21.6% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and UNB good diversifiers for each other?
Reasonably. At 0.47, BWB and UNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BWB and UNB?
As of 2026-08-27, the correlation of weekly returns between BWB and UNB is 0.47 over 3 years, 0.60 over 1 year and 0.37 over 5 years.
Is UNB a good diversifier for BWB?
Reasonably. At 0.47, BWB and UNB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/bwb-vs-unb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwb-vs-unb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BWB correlations · UNB correlations
