MSBI vs NWBI: Correlation
Measured on weekly returns over the past three years, Midland States Bancorp, Inc. (MSBI) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSBI and NWBI?
Across a 3-year window, the weekly returns of MSBI and NWBI correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 609.5 %².
Among the 11 assets we track against MSBI, NWBI ranks #5 by 3-year correlation. The last year tells two different stories: MSBI led by 59.4 percentage points, +87.1% for MSBI against +27.7% for NWBI.
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.
MSBI vs NWBI: side by side
| MSBI (Midland States Bancorp, Inc.) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +87.1% | +27.7% |
| 5-year return | +70.9% | +62.0% |
| Volatility (ann.) | 34.4% | 24.9% |
| Beta vs S&P 500 | 0.70 | 0.60 |
| Max drawdown (3Y) | -44.3% | -26.6% |
| Market cap | $0.7B | $2.2B |
| P/E (trailing) | 20.9 | 14.9 |
| Dividend yield | 3.90% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSBI | NWBI |
|---|---|---|
| 2022 | +12.0% | +4.6% |
| 2023 | +9.1% | -4.4% |
| 2024 | -6.7% | +12.7% |
| 2025 | -6.9% | -2.9% |
| 2026 | +60.8% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSBI and NWBI good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MSBI and NWBI?
The MSBI/NWBI correlation stands at 0.71 on a 3-year window (1 year: 0.71, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is NWBI a good diversifier for MSBI?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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/msbi-vs-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msbi-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSBI correlations · NWBI correlations
