MBWM vs NIC: Correlation
How closely do Mercantile Bank Corporation (MBWM) and Nicolet Bankshares Inc. (NIC) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBWM and NIC?
Over the past 3 years, MBWM and NIC moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.79 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 715.6 %².
By 3-year correlation, NIC places #12 of the 26 assets tracked against MBWM. Neither side won the trailing year by much: +23.7% 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.
MBWM vs NIC: side by side
| MBWM (Mercantile Bank Corporation) | NIC (Nicolet Bankshares Inc.) | |
|---|---|---|
| 1-year return | +23.7% | +24.0% |
| 5-year return | +126.2% | +131.8% |
| Volatility (ann.) | 29.8% | 29.4% |
| Beta vs S&P 500 | 0.82 | 0.69 |
| Max drawdown (3Y) | -25.0% | -17.9% |
| Market cap | $1.0B | $3.6B |
| P/E (trailing) | 10.5 | 19.2 |
| Dividend yield | 2.57% | 0.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MBWM | NIC |
|---|---|---|
| 2022 | -0.8% | -7.0% |
| 2023 | +25.8% | +1.9% |
| 2024 | +14.0% | +31.9% |
| 2025 | +11.7% | +16.8% |
| 2026 | +26.1% | +42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBWM and NIC good diversifiers for each other?
No. With a correlation of 0.82, MBWM and NIC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MBWM and NIC?
As of 2026-08-27, the correlation of weekly returns between MBWM and NIC is 0.82 over 3 years, 0.79 over 1 year and 0.78 over 5 years.
Is NIC a good diversifier for MBWM?
No. With a correlation of 0.82, MBWM and NIC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 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/mbwm-vs-nic.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mbwm-vs-nic/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MBWM correlations · NIC correlations
