GBCI vs NKSH: Correlation
How closely do Glacier Bancorp, Inc. (GBCI) and National Bankshares, Inc. (NKSH) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBCI and NKSH?
Across a 3-year window, the weekly returns of GBCI and NKSH correlate at 0.66, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.66). Stretching to 5 years gives 0.53, with an annualized covariance of 732.7 %².
By 3-year correlation, NKSH places #8 of the 15 assets tracked against GBCI. Their recent paths diverged sharply: over the last 12 months NKSH outperformed by 36.5 percentage points (+0.1% for GBCI against +36.6% for NKSH).
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 NKSH: side by side
| GBCI (Glacier Bancorp, Inc.) | NKSH (National Bankshares, Inc.) | |
|---|---|---|
| 1-year return | +0.1% | +36.6% |
| 5-year return | +4.0% | +44.9% |
| Volatility (ann.) | 32.6% | 33.9% |
| Beta vs S&P 500 | 0.87 | 0.73 |
| Max drawdown (3Y) | -34.8% | -31.0% |
| Market cap | $6.2B | $0.3B |
| P/E (trailing) | 19.4 | 12.8 |
| Dividend yield | 2.80% | 3.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBCI | NKSH |
|---|---|---|
| 2022 | -10.4% | +17.2% |
| 2023 | -13.0% | -13.1% |
| 2024 | +25.4% | -6.8% |
| 2025 | -9.6% | +23.3% |
| 2026 | +8.8% | +24.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBCI and NKSH good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GBCI and NKSH?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.55 over the last year and 0.53 over 5 years.
Is NKSH a good diversifier for GBCI?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 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-nksh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gbci-vs-nksh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GBCI correlations · NKSH correlations
