BWFG vs FBIZ: Correlation
Bankwell Financial Group, Inc. (BWFG) and First Business Financial Services, Inc. (FBIZ) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and FBIZ?
Across a 3-year window, the weekly returns of BWFG and FBIZ correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 604.9 %².
FBIZ is one of the assets that tracks BWFG most closely: it ranks #2 out of the 13 assets we track against BWFG. The last year tells two different stories: BWFG led by 19.5 percentage points, +57.5% for BWFG against +38.0% for FBIZ.
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.
BWFG vs FBIZ: side by side
| BWFG (Bankwell Financial Group, Inc.) | FBIZ (First Business Financial Services, Inc.) | |
|---|---|---|
| 1-year return | +57.5% | +38.0% |
| 5-year return | +149.4% | +187.1% |
| Volatility (ann.) | 26.8% | 30.0% |
| Beta vs S&P 500 | 0.73 | 0.79 |
| Max drawdown (3Y) | -24.7% | -20.8% |
| Market cap | $0.5B | $0.6B |
| P/E (trailing) | 12.3 | 10.6 |
| Dividend yield | 1.22% | 1.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | FBIZ |
|---|---|---|
| 2022 | -8.2% | +28.2% |
| 2023 | +5.8% | +12.9% |
| 2024 | +6.4% | +18.4% |
| 2025 | +50.3% | +20.1% |
| 2026 | +46.3% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and FBIZ good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BWFG and FBIZ?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.81 over the last year and 0.75 over 5 years.
Is FBIZ a good diversifier for BWFG?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwfg-vs-fbiz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwfg-vs-fbiz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BWFG correlations · FBIZ correlations
