GABC vs NWBI: Correlation
How closely do German American Bancorp, Inc. (GABC) and Northwest Bancshares, Inc. (NWBI) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GABC and NWBI?
Across a 3-year window, the weekly returns of GABC and NWBI correlate at 0.86, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 537.3 %².
Few assets follow GABC as closely as NWBI, which ranks #2 of 15 tracked partners. The trailing year gives NWBI the advantage: +21.5% versus +27.7%, a 6.2-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.
GABC vs NWBI: side by side
| GABC (German American Bancorp, Inc.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +21.5% | +27.7% |
| 5-year return | +55.3% | +62.0% |
| Volatility (ann.) | 25.1% | 24.9% |
| Beta vs S&P 500 | 0.62 | 0.60 |
| Max drawdown (3Y) | -25.3% | -26.6% |
| Market cap | $1.9B | $2.2B |
| P/E (trailing) | 13.0 | 14.9 |
| Dividend yield | 2.46% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GABC | NWBI |
|---|---|---|
| 2022 | -2.0% | +4.6% |
| 2023 | -10.2% | -4.4% |
| 2024 | +27.9% | +12.7% |
| 2025 | +0.3% | -2.9% |
| 2026 | +29.1% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GABC and NWBI good diversifiers for each other?
No: a correlation of 0.86 means GABC and NWBI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GABC and NWBI?
The GABC/NWBI correlation stands at 0.86 on a 3-year window (1 year: 0.84, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is NWBI a good diversifier for GABC?
No: a correlation of 0.86 means GABC and NWBI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/gabc-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gabc-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GABC correlations · NWBI correlations
