CCNE vs WSBF: Correlation
How closely do CNB Financial Corporation (CCNE) and Waterstone Financial, Inc. (WSBF) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCNE and WSBF?
Over the past 3 years, CCNE and WSBF moved with a correlation of 0.74, which is strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 561.7 %².
Within CCNE's tracked universe of 27 assets, WSBF comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WSBF outperformed by 19.7 percentage points (+30.2% for CCNE against +49.9% for WSBF).
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.
CCNE vs WSBF: side by side
| CCNE (CNB Financial Corporation) | WSBF (Waterstone Financial, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | +49.9% |
| 5-year return | +61.1% | +33.3% |
| Volatility (ann.) | 29.0% | 26.2% |
| Beta vs S&P 500 | 0.84 | 0.61 |
| Max drawdown (3Y) | -29.7% | -26.5% |
| Market cap | $1.0B | $0.4B |
| P/E (trailing) | 10.6 | 12.1 |
| Dividend yield | 2.18% | 3.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCNE | WSBF |
|---|---|---|
| 2022 | -7.8% | -15.8% |
| 2023 | -1.6% | -13.1% |
| 2024 | +13.6% | -0.9% |
| 2025 | +8.4% | +28.8% |
| 2026 | +31.5% | +30.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCNE and WSBF good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCNE and WSBF?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.65 over the last year and 0.65 over 5 years.
Is WSBF a good diversifier for CCNE?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 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/ccne-vs-wsbf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccne-vs-wsbf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCNE correlations · WSBF correlations
