EFSI vs NBHC: Correlation
Eagle Financial Services Inc (EFSI) and National Bank Holdings Corporation (NBHC) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFSI and NBHC?
On 3 years of weekly data the EFSI/NBHC correlation comes out at 0.40, moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.40). The 5-year figure is 0.33, and annualized covariance runs at 203.5 %².
Within EFSI's tracked universe of 11 assets, NBHC comes in at #4 by 3-year correlation. Over the last 12 months EFSI came out ahead by 10.5 percentage points (+17.6% against +7.1%).
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.
EFSI vs NBHC: side by side
| EFSI (Eagle Financial Services Inc) | NBHC (National Bank Holdings Corporation) | |
|---|---|---|
| 1-year return | +17.6% | +7.1% |
| 5-year return | +46.3% | +26.8% |
| Volatility (ann.) | 20.3% | 25.0% |
| Beta vs S&P 500 | 0.30 | 0.75 |
| Max drawdown (3Y) | -21.2% | -32.9% |
| Market cap | $0.2B | $1.8B |
| P/E (trailing) | 11.8 | 17.4 |
| Dividend yield | 2.97% | 3.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFSI | NBHC |
|---|---|---|
| 2022 | +8.0% | -2.2% |
| 2023 | -13.4% | -8.8% |
| 2024 | +26.2% | +19.1% |
| 2025 | +13.4% | -8.9% |
| 2026 | +7.1% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFSI and NBHC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EFSI and NBHC?
As of 2026-08-27, the correlation of weekly returns between EFSI and NBHC is 0.40 over 3 years, 0.73 over 1 year and 0.33 over 5 years.
Is NBHC a good diversifier for EFSI?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/efsi-vs-nbhc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efsi-vs-nbhc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFSI correlations · NBHC correlations
