INBK vs NWBI: Correlation
Measured on weekly returns over the past three years, First Internet Bancorp (INBK) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INBK and NWBI?
On 3 years of weekly data the INBK/NWBI correlation comes out at 0.74, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.74 over 3. The 5-year figure is 0.67, and annualized covariance runs at 792.4 %².
Few assets follow INBK as closely as NWBI, which ranks #1 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with NWBI ahead by 18.2 points (+9.5% versus +27.7%). Note the risk asymmetry: INBK runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
INBK vs NWBI: side by side
| INBK (First Internet Bancorp) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +9.5% | +27.7% |
| 5-year return | -3.5% | +62.0% |
| Volatility (ann.) | 43.2% | 24.9% |
| Beta vs S&P 500 | 0.96 | 0.60 |
| Max drawdown (3Y) | -59.0% | -26.6% |
| Market cap | $0.2B | $2.2B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 0.88% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INBK | NWBI |
|---|---|---|
| 2022 | -48.0% | +4.6% |
| 2023 | +1.0% | -4.4% |
| 2024 | +49.9% | +12.7% |
| 2025 | -41.4% | -2.9% |
| 2026 | +32.2% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INBK and NWBI good diversifiers for each other?
Only partially. A correlation of 0.74 means INBK and NWBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between INBK and NWBI?
As of 2026-08-27, the correlation of weekly returns between INBK and NWBI is 0.74 over 3 years, 0.64 over 1 year and 0.67 over 5 years.
Is NWBI a good diversifier for INBK?
Only partially. A correlation of 0.74 means INBK and NWBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/inbk-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inbk-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INBK correlations · NWBI correlations
