NBHC vs NEWT: Correlation
How closely do National Bank Holdings Corporation (NBHC) and NewtekOne, Inc. (NEWT) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and NEWT?
On 3 years of weekly data the NBHC/NEWT correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 656.7 %².
By 3-year correlation, NEWT places #8 of the 18 assets tracked against NBHC. Their 12-month results are close: +7.1% for NBHC against +5.9% for NEWT. Note the risk asymmetry: NEWT runs 1.6 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.
NBHC vs NEWT: side by side
| NBHC (National Bank Holdings Corporation) | NEWT (NewtekOne, Inc.) | |
|---|---|---|
| 1-year return | +7.1% | +5.9% |
| 5-year return | +26.8% | -35.1% |
| Volatility (ann.) | 25.0% | 38.9% |
| Beta vs S&P 500 | 0.75 | 1.15 |
| Max drawdown (3Y) | -32.9% | -43.8% |
| Market cap | $1.8B | $0.4B |
| P/E (trailing) | 17.4 | 5.6 |
| Dividend yield | 3.07% | 6.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBHC | NEWT |
|---|---|---|
| 2022 | -2.2% | -33.2% |
| 2023 | -8.8% | -10.7% |
| 2024 | +19.1% | -1.6% |
| 2025 | -8.9% | -4.9% |
| 2026 | +10.1% | +11.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and NEWT good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NBHC and NEWT?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.74 over the last year and 0.48 over 5 years.
Is NEWT a good diversifier for NBHC?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
A reading of 0.68 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/nbhc-vs-newt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nbhc-vs-newt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBHC correlations · NEWT correlations
