CCBG vs NWBI: Correlation
How closely do Capital City Bank Group (CCBG) and Northwest Bancshares, Inc. (NWBI) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCBG and NWBI?
On 3 years of weekly data the CCBG/NWBI correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.69) runs below the 3-year figure (0.80). The 5-year figure is 0.73, and annualized covariance runs at 514.7 %².
Among the 13 assets we track against CCBG, NWBI ranks #5 by 3-year correlation. On 12-month performance NWBI holds a 7.8-point edge, +19.9% against +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.
CCBG vs NWBI: side by side
| CCBG (Capital City Bank Group) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +19.9% | +27.7% |
| 5-year return | +154.3% | +62.0% |
| Volatility (ann.) | 25.9% | 24.9% |
| Beta vs S&P 500 | 0.53 | 0.60 |
| Max drawdown (3Y) | -16.5% | -26.6% |
| Market cap | $0.9B | $2.2B |
| P/E (trailing) | 14.2 | 14.9 |
| Dividend yield | 2.08% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCBG | NWBI |
|---|---|---|
| 2022 | +25.8% | +4.6% |
| 2023 | -7.1% | -4.4% |
| 2024 | +28.1% | +12.7% |
| 2025 | +19.1% | -2.9% |
| 2026 | +21.7% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCBG and NWBI good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CCBG and NWBI?
As of 2026-08-27, the correlation of weekly returns between CCBG and NWBI is 0.80 over 3 years, 0.69 over 1 year and 0.73 over 5 years.
Is NWBI a good diversifier for CCBG?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 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/ccbg-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccbg-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCBG correlations · NWBI correlations
