CASH vs NIC: Correlation
How closely do Pathward Financial, Inc. (CASH) and Nicolet Bankshares Inc. (NIC) 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 CASH and NIC?
Across a 3-year window, the weekly returns of CASH and NIC correlate at 0.73, strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 634.3 %².
Among the 12 assets we track against CASH, NIC ranks #4 by 3-year correlation. The last year tells two different stories: NIC led by 21.9 percentage points, +2.1% for CASH against +24.0% for NIC.
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 NIC: side by side
| CASH (Pathward Financial, Inc.) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +2.1% | +24.0% |
| 5-year return | +71.2% | +131.8% |
| Volatility (ann.) | 29.4% | 29.4% |
| Beta vs S&P 500 | 0.84 | 0.69 |
| Max drawdown (3Y) | -22.2% | -17.9% |
| Market cap | $1.7B | $3.6B |
| P/E (trailing) | 10.3 | 19.2 |
| Dividend yield | 0.24% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASH | NIC |
|---|---|---|
| 2022 | -27.5% | -7.0% |
| 2023 | +23.4% | +1.9% |
| 2024 | +39.5% | +31.9% |
| 2025 | -3.2% | +16.8% |
| 2026 | +15.0% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASH and NIC 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 CASH and NIC?
As of 2026-08-27, the correlation of weekly returns between CASH and NIC is 0.73 over 3 years, 0.79 over 1 year and 0.59 over 5 years.
Is NIC a good diversifier for CASH?
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/cash-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cash-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CASH correlations · NIC correlations
