FMNB vs NWBI: Correlation
Measured on weekly returns over the past three years, Farmers National Banc Corp. (FMNB) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMNB and NWBI?
Across a 3-year window, the weekly returns of FMNB and NWBI correlate at 0.85, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.73 versus 0.85 over 3 years. Stretching to 5 years gives 0.76, with an annualized covariance of 587.3 %².
In FMNB's tracked universe of 20 assets, NWBI sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months NWBI outperformed by 17.4 percentage points (+10.3% for FMNB against +27.7% for NWBI).
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.
FMNB vs NWBI: side by side
| FMNB (Farmers National Banc Corp.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +10.3% | +27.7% |
| 5-year return | +27.6% | +62.0% |
| Volatility (ann.) | 27.7% | 24.9% |
| Beta vs S&P 500 | 0.71 | 0.60 |
| Max drawdown (3Y) | -23.6% | -26.6% |
| Market cap | $0.9B | $2.2B |
| P/E (trailing) | 10.6 | 14.9 |
| Dividend yield | 4.34% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMNB | NWBI |
|---|---|---|
| 2022 | -20.6% | +4.6% |
| 2023 | +7.8% | -4.4% |
| 2024 | +3.4% | +12.7% |
| 2025 | -1.7% | -2.9% |
| 2026 | +21.3% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMNB and NWBI good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FMNB and NWBI?
As of 2026-08-27, the correlation of weekly returns between FMNB and NWBI is 0.85 over 3 years, 0.73 over 1 year and 0.76 over 5 years.
Is NWBI a good diversifier for FMNB?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmnb-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmnb-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMNB correlations · NWBI correlations
