BWFG vs SHBI: Correlation
How closely do Bankwell Financial Group, Inc. (BWFG) and Shore Bancshares, Inc. (SHBI) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWFG and SHBI?
Over the past 3 years, BWFG and SHBI moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 646.8 %².
By 3-year correlation, SHBI places #5 of the 13 assets tracked against BWFG. Correlation aside, the last 12 months split them widely, with BWFG ahead by 19.8 points (+57.5% versus +37.7%).
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 SHBI: side by side
| BWFG (Bankwell Financial Group, Inc.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +57.5% | +37.7% |
| 5-year return | +149.4% | +51.7% |
| Volatility (ann.) | 26.8% | 32.6% |
| Beta vs S&P 500 | 0.73 | 0.89 |
| Max drawdown (3Y) | -24.7% | -31.9% |
| Market cap | $0.5B | $0.8B |
| P/E (trailing) | 12.3 | 11.7 |
| Dividend yield | 1.22% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWFG | SHBI |
|---|---|---|
| 2022 | -8.2% | -14.4% |
| 2023 | +5.8% | -15.1% |
| 2024 | +6.4% | +15.6% |
| 2025 | +50.3% | +15.0% |
| 2026 | +46.3% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWFG and SHBI good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWFG and SHBI?
The BWFG/SHBI correlation stands at 0.74 on a 3-year window (1 year: 0.73, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SHBI a good diversifier for BWFG?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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.
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Hubs: BWFG correlations · SHBI correlations
