COLB vs NBTB: Correlation
Measured on weekly returns over the past three years, Columbia Banking System, Inc. (COLB) and NBT Bancorp Inc. (NBTB) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLB and NBTB?
Across a 3-year window, the weekly returns of COLB and NBTB correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 788.1 %².
Among the 13 assets we track against COLB, NBTB ranks #5 by 3-year correlation. Their 12-month results are close: +18.3% for COLB against +18.1% for NBTB.
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.
COLB vs NBTB: side by side
| COLB (Columbia Banking System, Inc.) | NBTB (NBT Bancorp Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +18.1% |
| 5-year return | +9.4% | +68.0% |
| Volatility (ann.) | 35.2% | 27.2% |
| Beta vs S&P 500 | 1.01 | 0.75 |
| Max drawdown (3Y) | -36.4% | -25.7% |
| Market cap | $8.7B | $2.7B |
| P/E (trailing) | 12.1 | 12.5 |
| Dividend yield | 4.79% | 2.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | COLB | NBTB |
|---|---|---|
| 2022 | -4.3% | +16.0% |
| 2023 | -5.9% | -0.1% |
| 2024 | +8.1% | +17.7% |
| 2025 | +9.4% | -10.2% |
| 2026 | +12.6% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLB and NBTB good diversifiers for each other?
No. With a correlation of 0.82, COLB and NBTB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between COLB and NBTB?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.77 over the last year and 0.74 over 5 years.
Is NBTB a good diversifier for COLB?
No. With a correlation of 0.82, COLB and NBTB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/colb-vs-nbtb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/colb-vs-nbtb/)
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Related comparisons
Hubs: COLB correlations · NBTB correlations
