CAC vs NWFL: Correlation
How closely do Camden National Corporation (CAC) and Norwood Financial Corp. (NWFL) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and NWFL?
On 3 years of weekly data the CAC/NWFL correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 666.2 %².
Within CAC's tracked universe of 24 assets, NWFL comes in at #12 by 3-year correlation. Over the last 12 months CAC came out ahead by 9.0 percentage points (+43.3% against +34.3%).
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.
CAC vs NWFL: side by side
| CAC (Camden National Corporation) | NWFL (Norwood Financial Corp.) | |
|---|---|---|
| 1-year return | +43.3% | +34.3% |
| 5-year return | +51.3% | +65.8% |
| Volatility (ann.) | 29.0% | 31.4% |
| Beta vs S&P 500 | 0.87 | 0.64 |
| Max drawdown (3Y) | -26.0% | -33.6% |
| Market cap | $1.0B | $0.4B |
| P/E (trailing) | 10.9 | 11.7 |
| Dividend yield | 2.97% | 3.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAC | NWFL |
|---|---|---|
| 2022 | -10.3% | +34.1% |
| 2023 | -5.0% | +2.4% |
| 2024 | +19.1% | -13.6% |
| 2025 | +5.8% | +8.4% |
| 2026 | +34.5% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and NWFL good diversifiers for each other?
To a limited degree. At 0.73 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 CAC and NWFL?
As of 2026-08-27, the correlation of weekly returns between CAC and NWFL is 0.73 over 3 years, 0.83 over 1 year and 0.65 over 5 years.
Is NWFL a good diversifier for CAC?
To a limited degree. At 0.73 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 0.73 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/cac-vs-nwfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cac-vs-nwfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAC correlations · NWFL correlations
