CASH vs NWBI: Correlation
Measured on weekly returns over the past three years, Pathward Financial, Inc. (CASH) and Northwest Bancshares, Inc. (NWBI) 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 NWBI?
Across a 3-year window, the weekly returns of CASH and NWBI correlate at 0.74, strong. Lately the two have drifted apart, with the 1-year correlation at 0.58 versus 0.74 over 3 years. Stretching to 5 years gives 0.59, with an annualized covariance of 539.5 %².
Few assets follow CASH as closely as NWBI, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with NWBI ahead by 25.6 points (+2.1% versus +27.7%).
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.
CASH vs NWBI: side by side
| CASH (Pathward Financial, Inc.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +2.1% | +27.7% |
| 5-year return | +71.2% | +62.0% |
| Volatility (ann.) | 29.4% | 24.9% |
| Beta vs S&P 500 | 0.84 | 0.60 |
| Max drawdown (3Y) | -22.2% | -26.6% |
| Market cap | $1.7B | $2.2B |
| P/E (trailing) | 10.3 | 14.9 |
| Dividend yield | 0.24% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CASH | NWBI |
|---|---|---|
| 2022 | -27.5% | +4.6% |
| 2023 | +23.4% | -4.4% |
| 2024 | +39.5% | +12.7% |
| 2025 | -3.2% | -2.9% |
| 2026 | +15.0% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASH and NWBI good diversifiers for each other?
To a limited degree. At 0.74 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 NWBI?
As of 2026-08-27, the correlation of weekly returns between CASH and NWBI is 0.74 over 3 years, 0.58 over 1 year and 0.59 over 5 years.
Is NWBI a good diversifier for CASH?
To a limited degree. At 0.74 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 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cash-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cash-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CASH correlations · NWBI correlations
