FULT vs NBHC: Correlation
Measured on weekly returns over the past three years, Fulton Financial Corporation (FULT) and National Bank Holdings Corporation (NBHC) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FULT and NBHC?
On 3 years of weekly data the FULT/NBHC correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 639.5 %².
Within FULT's tracked universe of 45 assets, NBHC comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FULT outperformed by 17.0 percentage points (+24.1% for FULT against +7.1% for NBHC).
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.
FULT vs NBHC: side by side
| FULT (Fulton Financial Corporation) | NBHC (National Bank Holdings Corporation) | |
|---|---|---|
| 1-year return | +24.1% | +7.1% |
| 5-year return | +85.0% | +26.8% |
| Volatility (ann.) | 30.3% | 25.0% |
| Beta vs S&P 500 | 1.03 | 0.75 |
| Max drawdown (3Y) | -29.9% | -32.9% |
| Market cap | $4.5B | $1.8B |
| P/E (trailing) | 11.4 | 17.4 |
| Dividend yield | 3.15% | 3.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FULT | NBHC |
|---|---|---|
| 2022 | +3.1% | -2.2% |
| 2023 | +2.5% | -8.8% |
| 2024 | +21.9% | +19.1% |
| 2025 | +4.3% | -8.9% |
| 2026 | +25.0% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FULT and NBHC good diversifiers for each other?
No: a correlation of 0.84 means FULT and NBHC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FULT and NBHC?
The FULT/NBHC correlation stands at 0.84 on a 3-year window (1 year: 0.79, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is NBHC a good diversifier for FULT?
No: a correlation of 0.84 means FULT and NBHC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/fult-vs-nbhc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fult-vs-nbhc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FULT correlations · NBHC correlations
