ETON vs NWFL: Correlation
Measured on weekly returns over the past three years, Eton Pharmaceuticals, Inc. (ETON) and Norwood Financial Corp. (NWFL) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETON and NWFL?
Across a 3-year window, the weekly returns of ETON and NWFL correlate at 0.35, moderate. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.35). Stretching to 5 years gives 0.23, with an annualized covariance of 650.3 %².
Among the 10 assets we track against ETON, NWFL ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ETON outperformed by 228.4 percentage points (+262.7% for ETON against +34.3% for NWFL). Note the risk asymmetry: ETON runs 1.9 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.
ETON vs NWFL: side by side
| ETON (Eton Pharmaceuticals, Inc.) | NWFL (Norwood Financial Corp.) | |
|---|---|---|
| 1-year return | +262.7% | +34.3% |
| 5-year return | +1112.2% | +65.8% |
| Volatility (ann.) | 58.4% | 31.4% |
| Beta vs S&P 500 | 0.89 | 0.64 |
| Max drawdown (3Y) | -45.6% | -33.6% |
| Market cap | $1.8B | $0.4B |
| P/E (trailing) | 160.7 | 11.7 |
| Dividend yield | 0.00% | 3.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETON | NWFL |
|---|---|---|
| 2022 | -34.3% | +34.1% |
| 2023 | +55.3% | +2.4% |
| 2024 | +204.1% | -13.6% |
| 2025 | +27.0% | +8.4% |
| 2026 | +270.6% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETON and NWFL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETON and NWFL?
As of 2026-08-27, the correlation of weekly returns between ETON and NWFL is 0.35 over 3 years, 0.13 over 1 year and 0.23 over 5 years.
Is NWFL a good diversifier for ETON?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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/eton-vs-nwfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eton-vs-nwfl/)
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Related comparisons
Hubs: ETON correlations · NWFL correlations
