NBHC vs NWBI: Correlation
Measured on weekly returns over the past three years, National Bank Holdings Corporation (NBHC) and Northwest Bancshares, Inc. (NWBI) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and NWBI?
Across a 3-year window, the weekly returns of NBHC and NWBI correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 517.1 %².
Within NBHC's tracked universe of 18 assets, NWBI comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NWBI ahead by 20.6 points (+7.1% versus +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.
NBHC vs NWBI: side by side
| NBHC (National Bank Holdings Corporation) | NWBI (Northwest Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +7.1% | +27.7% |
| 5-year return | +26.8% | +62.0% |
| Volatility (ann.) | 25.0% | 24.9% |
| Beta vs S&P 500 | 0.75 | 0.60 |
| Max drawdown (3Y) | -32.9% | -26.6% |
| Market cap | $1.8B | $2.2B |
| P/E (trailing) | 17.4 | 14.9 |
| Dividend yield | 3.07% | 5.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBHC | NWBI |
|---|---|---|
| 2022 | -2.2% | +4.6% |
| 2023 | -8.8% | -4.4% |
| 2024 | +19.1% | +12.7% |
| 2025 | -8.9% | -2.9% |
| 2026 | +10.1% | +33.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and NWBI good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NBHC and NWBI?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.78 over the last year and 0.79 over 5 years.
Is NWBI a good diversifier for NBHC?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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-nwbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbhc-vs-nwbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBHC correlations · NWBI correlations
