IBCP vs NIC: Correlation
How closely do Independent Bank Corporation (IBCP) and Nicolet Bankshares Inc. (NIC) 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 IBCP and NIC?
Over the past 3 years, IBCP and NIC moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.83 over 3. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 699.1 %².
Among the 15 assets we track against IBCP, NIC ranks #7 by 3-year correlation. On 12-month performance NIC holds a 10.3-point edge, +13.7% against +24.0%.
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.
IBCP vs NIC: side by side
| IBCP (Independent Bank Corporation) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +13.7% | +24.0% |
| 5-year return | +112.7% | +131.8% |
| Volatility (ann.) | 28.7% | 29.4% |
| Beta vs S&P 500 | 0.77 | 0.69 |
| Max drawdown (3Y) | -27.5% | -17.9% |
| Market cap | $0.8B | $3.6B |
| P/E (trailing) | 10.6 | 19.2 |
| Dividend yield | 2.94% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBCP | NIC |
|---|---|---|
| 2022 | +4.3% | -7.0% |
| 2023 | +14.0% | +1.9% |
| 2024 | +38.5% | +31.9% |
| 2025 | -3.5% | +16.8% |
| 2026 | +15.3% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBCP and NIC good diversifiers for each other?
No. With a correlation of 0.83, IBCP and NIC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IBCP and NIC?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.76 over the last year and 0.76 over 5 years.
Is NIC a good diversifier for IBCP?
No. With a correlation of 0.83, IBCP and NIC 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/ibcp-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibcp-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBCP correlations · NIC correlations
