GBCI vs NBHC: Correlation
How closely do Glacier Bancorp, Inc. (GBCI) and National Bank Holdings Corporation (NBHC) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBCI and NBHC?
Across a 3-year window, the weekly returns of GBCI and NBHC correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 679.4 %².
By 3-year correlation, NBHC places #6 of the 15 assets tracked against GBCI. On 12-month performance NBHC holds a 7.0-point edge, +0.1% against +7.1%.
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.
GBCI vs NBHC: side by side
| GBCI (Glacier Bancorp, Inc.) | NBHC (National Bank Holdings Corporation) | |
|---|---|---|
| 1-year return | +0.1% | +7.1% |
| 5-year return | +4.0% | +26.8% |
| Volatility (ann.) | 32.6% | 25.0% |
| Beta vs S&P 500 | 0.87 | 0.75 |
| Max drawdown (3Y) | -34.8% | -32.9% |
| Market cap | $6.2B | $1.8B |
| P/E (trailing) | 19.4 | 17.4 |
| Dividend yield | 2.80% | 3.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBCI | NBHC |
|---|---|---|
| 2022 | -10.4% | -2.2% |
| 2023 | -13.0% | -8.8% |
| 2024 | +25.4% | +19.1% |
| 2025 | -9.6% | -8.9% |
| 2026 | +8.8% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBCI and NBHC good diversifiers for each other?
No. With a correlation of 0.83, GBCI and NBHC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GBCI and NBHC?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.80 over the last year and 0.79 over 5 years.
Is NBHC a good diversifier for GBCI?
No. With a correlation of 0.83, GBCI and NBHC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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/gbci-vs-nbhc.json
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[](https://www.pairbook.io/pair/gbci-vs-nbhc/)
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Related comparisons
Hubs: GBCI correlations · NBHC correlations
