CUBI vs NWBI: Correlation
Measured on weekly returns over the past three years, Customers Bancorp, Inc (CUBI) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBI and NWBI?
Over the past 3 years, CUBI and NWBI moved with a correlation of 0.76, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.63 versus 0.76 over 3 years. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 798.8 %².
Among the 12 assets we track against CUBI, NWBI ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NWBI ahead by 16.5 points (+11.2% versus +27.7%). Note the risk asymmetry: CUBI runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CUBI vs NWBI: side by side
| CUBI (Customers Bancorp, Inc) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +11.2% | +27.7% |
| 5-year return | +93.6% | +62.0% |
| Volatility (ann.) | 42.3% | 24.9% |
| Beta vs S&P 500 | 1.17 | 0.60 |
| Max drawdown (3Y) | -36.1% | -26.6% |
| Market cap | $2.7B | $2.2B |
| P/E (trailing) | 9.5 | 14.9 |
| Dividend yield | 0.00% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CUBI | NWBI |
|---|---|---|
| 2022 | -56.6% | +4.6% |
| 2023 | +103.3% | -4.4% |
| 2024 | -15.5% | +12.7% |
| 2025 | +50.2% | -2.9% |
| 2026 | +8.1% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBI and NWBI good diversifiers for each other?
To a limited degree. At 0.76 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 CUBI and NWBI?
As of 2026-08-27, the correlation of weekly returns between CUBI and NWBI is 0.76 over 3 years, 0.63 over 1 year and 0.67 over 5 years.
Is NWBI a good diversifier for CUBI?
To a limited degree. At 0.76 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 0.76 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/cubi-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cubi-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CUBI correlations · NWBI correlations
