CFFN vs NWBI: Correlation
How closely do Capitol Federal Financial, Inc. (CFFN) and Northwest Bancshares, Inc. (NWBI) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFFN and NWBI?
Across a 3-year window, the weekly returns of CFFN and NWBI correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.75, with an annualized covariance of 619.5 %².
Few assets follow CFFN as closely as NWBI, which ranks #1 of 14 tracked partners. Over the last 12 months CFFN came out ahead by 13.3 percentage points (+41.0% 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.
CFFN vs NWBI: side by side
| CFFN (Capitol Federal Financial, Inc.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +41.0% | +27.7% |
| 5-year return | +4.8% | +62.0% |
| Volatility (ann.) | 30.6% | 24.9% |
| Beta vs S&P 500 | 0.78 | 0.60 |
| Max drawdown (3Y) | -29.0% | -26.6% |
| Market cap | $1.1B | $2.2B |
| P/E (trailing) | 13.3 | 14.9 |
| Dividend yield | 3.93% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CFFN | NWBI |
|---|---|---|
| 2022 | -16.3% | +4.6% |
| 2023 | -21.2% | -4.4% |
| 2024 | -2.9% | +12.7% |
| 2025 | +22.0% | -2.9% |
| 2026 | +31.8% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFFN and NWBI good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CFFN and NWBI?
The CFFN/NWBI correlation stands at 0.81 on a 3-year window (1 year: 0.83, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is NWBI a good diversifier for CFFN?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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/cffn-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cffn-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CFFN correlations · NWBI correlations
