ESQ vs NWBI: Correlation
Esquire Financial Holdings, Inc. (ESQ) and Northwest Bancshares, Inc. (NWBI) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESQ and NWBI?
Across a 3-year window, the weekly returns of ESQ and NWBI correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 472.9 %².
Within ESQ's tracked universe of 10 assets, NWBI comes in at #5 by 3-year correlation. The trailing year gives NWBI the advantage: +14.5% versus +27.7%, a 13.2-point spread.
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.
ESQ vs NWBI: side by side
| ESQ (Esquire Financial Holdings, Inc.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +14.5% | +27.7% |
| 5-year return | +359.7% | +62.0% |
| Volatility (ann.) | 29.3% | 24.9% |
| Beta vs S&P 500 | 0.60 | 0.60 |
| Max drawdown (3Y) | -20.7% | -26.6% |
| Market cap | $1.4B | $2.2B |
| P/E (trailing) | 18.6 | 14.9 |
| Dividend yield | 0.67% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESQ | NWBI |
|---|---|---|
| 2022 | +38.3% | +4.6% |
| 2023 | +16.7% | -4.4% |
| 2024 | +60.9% | +12.7% |
| 2025 | +29.4% | -2.9% |
| 2026 | +12.4% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESQ and NWBI good diversifiers for each other?
To a limited degree. At 0.65 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 ESQ and NWBI?
As of 2026-08-27, the correlation of weekly returns between ESQ and NWBI is 0.65 over 3 years, 0.68 over 1 year and 0.60 over 5 years.
Is NWBI a good diversifier for ESQ?
To a limited degree. At 0.65 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 0.65 mean?
A reading of 0.65 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/esq-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esq-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESQ correlations · NWBI correlations
