CASH vs NBTB: Correlation
Measured on weekly returns over the past three years, Pathward Financial, Inc. (CASH) and NBT Bancorp Inc. (NBTB) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CASH and NBTB?
Over the past 3 years, CASH and NBTB moved with a correlation of 0.74, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.60 versus 0.74 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 588.4 %².
Few assets follow CASH as closely as NBTB, which ranks #1 of 12 tracked partners. The last year tells two different stories: NBTB led by 16.0 percentage points, +2.1% for CASH against +18.1% for NBTB.
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.
CASH vs NBTB: side by side
| CASH (Pathward Financial, Inc.) | NBTB (NBT Bancorp Inc.) | |
|---|---|---|
| 1-year return | +2.1% | +18.1% |
| 5-year return | +71.2% | +68.0% |
| Volatility (ann.) | 29.4% | 27.2% |
| Beta vs S&P 500 | 0.84 | 0.75 |
| Max drawdown (3Y) | -22.2% | -25.7% |
| Market cap | $1.7B | $2.7B |
| P/E (trailing) | 10.3 | 12.5 |
| Dividend yield | 0.24% | 2.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASH | NBTB |
|---|---|---|
| 2022 | -27.5% | +16.0% |
| 2023 | +23.4% | -0.1% |
| 2024 | +39.5% | +17.7% |
| 2025 | -3.2% | -10.2% |
| 2026 | +15.0% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASH and NBTB good diversifiers for each other?
Only partially. A correlation of 0.74 means CASH and NBTB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CASH and NBTB?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.60 over the last year and 0.57 over 5 years.
Is NBTB a good diversifier for CASH?
Only partially. A correlation of 0.74 means CASH and NBTB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cash-vs-nbtb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cash-vs-nbtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CASH correlations · NBTB correlations
