FCF vs NWBI: Correlation
First Commonwealth Financial Corporation (FCF) and Northwest Bancshares, Inc. (NWBI) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and NWBI?
Over the past 3 years, FCF and NWBI moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.89 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 593.9 %².
Within FCF's tracked universe of 64 assets, NWBI comes in at #8 by 3-year correlation. Over the last 12 months NWBI came out ahead by 7.4 percentage points (+20.3% against +27.7%).
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.
FCF vs NWBI: side by side
| FCF (First Commonwealth Financial Corporation) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +20.3% | +27.7% |
| 5-year return | +83.7% | +62.0% |
| Volatility (ann.) | 26.9% | 24.9% |
| Beta vs S&P 500 | 0.72 | 0.60 |
| Max drawdown (3Y) | -26.9% | -26.6% |
| Market cap | $2.1B | $2.2B |
| P/E (trailing) | 12.7 | 14.9 |
| Dividend yield | 2.64% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | NWBI |
|---|---|---|
| 2022 | -10.3% | +4.6% |
| 2023 | +14.8% | -4.4% |
| 2024 | +13.4% | +12.7% |
| 2025 | +3.0% | -2.9% |
| 2026 | +26.0% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and NWBI good diversifiers for each other?
No: a correlation of 0.89 means FCF and NWBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FCF and NWBI?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.89 over the last year and 0.84 over 5 years.
Is NWBI a good diversifier for FCF?
No: a correlation of 0.89 means FCF and NWBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
A reading of 0.89 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/fcf-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcf-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FCF correlations · NWBI correlations
