EFSC vs NIC: Correlation
How closely do Enterprise Financial Services Corporation (EFSC) and Nicolet Bankshares Inc. (NIC) 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 EFSC and NIC?
Over the past 3 years, EFSC and NIC moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.70) runs below the 3-year figure (0.80). Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 635.3 %².
Within EFSC's tracked universe of 23 assets, NIC comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NIC ahead by 18.7 points (+5.3% versus +24.0%).
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.
EFSC vs NIC: side by side
| EFSC (Enterprise Financial Services Corporation) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +5.3% | +24.0% |
| 5-year return | +59.0% | +131.8% |
| Volatility (ann.) | 26.9% | 29.4% |
| Beta vs S&P 500 | 0.66 | 0.69 |
| Max drawdown (3Y) | -25.0% | -17.9% |
| Market cap | $2.3B | $3.6B |
| P/E (trailing) | 12.6 | 19.2 |
| Dividend yield | 2.05% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFSC | NIC |
|---|---|---|
| 2022 | +6.0% | -7.0% |
| 2023 | -6.6% | +1.9% |
| 2024 | +29.3% | +31.9% |
| 2025 | -2.1% | +16.8% |
| 2026 | +18.9% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFSC and NIC good diversifiers for each other?
No. With a correlation of 0.80, EFSC and NIC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EFSC and NIC?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.70 over the last year and 0.71 over 5 years.
Is NIC a good diversifier for EFSC?
No. With a correlation of 0.80, EFSC and NIC move nearly in lockstep, so holding both adds very little diversification.
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/efsc-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efsc-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EFSC correlations · NIC correlations
