NBHC vs QUAD: Correlation
National Bank Holdings Corporation (NBHC) and Quad Graphics, Inc (QUAD) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and QUAD?
Over the past 3 years, NBHC and QUAD moved with a correlation of 0.50, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 621.1 %².
Among the 18 assets we track against NBHC, QUAD ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QUAD ahead by 58.2 points (+7.1% versus +65.3%). Risk is not evenly split, since QUAD carries 2.0 times the volatility of the other side.
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 QUAD: side by side
| NBHC (National Bank Holdings Corporation) | QUAD (Quad Graphics, Inc) | |
|---|---|---|
| 1-year return | +7.1% | +65.3% |
| 5-year return | +26.8% | +175.4% |
| Volatility (ann.) | 25.0% | 50.1% |
| Beta vs S&P 500 | 0.75 | 0.96 |
| Max drawdown (3Y) | -32.9% | -45.3% |
| Market cap | $1.8B | $0.5B |
| P/E (trailing) | 17.4 | 15.3 |
| Dividend yield | 3.07% | 3.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBHC | QUAD |
|---|---|---|
| 2022 | -2.2% | +2.0% |
| 2023 | -8.8% | +32.8% |
| 2024 | +19.1% | +33.6% |
| 2025 | -8.9% | -5.3% |
| 2026 | +10.1% | +66.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and QUAD good diversifiers for each other?
Only partially. A correlation of 0.50 means NBHC and QUAD 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 NBHC and QUAD?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.52 over the last year and 0.42 over 5 years.
Is QUAD a good diversifier for NBHC?
Only partially. A correlation of 0.50 means NBHC and QUAD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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/nbhc-vs-quad.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nbhc-vs-quad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NBHC correlations · QUAD correlations
