IMKTA vs NWBI: Correlation
How closely do Ingles Markets, Incorporated (IMKTA) and Northwest Bancshares, Inc. (NWBI) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMKTA and NWBI?
On 3 years of weekly data the IMKTA/NWBI correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 297.9 %².
Within IMKTA's tracked universe of 13 assets, NWBI comes in at #5 by 3-year correlation. On 12-month performance NWBI holds a 5.2-point edge, +22.5% against +27.7%.
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.
IMKTA vs NWBI: side by side
| IMKTA (Ingles Markets, Incorporated) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +22.5% | +27.7% |
| 5-year return | +28.3% | +62.0% |
| Volatility (ann.) | 24.9% | 24.9% |
| Beta vs S&P 500 | 0.17 | 0.60 |
| Max drawdown (3Y) | -32.0% | -26.6% |
| Market cap | $1.6B | $2.2B |
| P/E (trailing) | 15.2 | 14.9 |
| Dividend yield | 0.79% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMKTA | NWBI |
|---|---|---|
| 2022 | +12.6% | +4.6% |
| 2023 | -9.8% | -4.4% |
| 2024 | -24.7% | +12.7% |
| 2025 | +7.4% | -2.9% |
| 2026 | +20.7% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMKTA and NWBI good diversifiers for each other?
Reasonably. At 0.48, IMKTA and NWBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IMKTA and NWBI?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.38 over the last year and 0.41 over 5 years.
Is NWBI a good diversifier for IMKTA?
Reasonably. At 0.48, IMKTA and NWBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/imkta-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/imkta-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IMKTA correlations · NWBI correlations
