NBHC vs WLFC: Correlation
Measured on weekly returns over the past three years, National Bank Holdings Corporation (NBHC) and Willis Lease Finance Corporation (WLFC) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and WLFC?
Over the past 3 years, NBHC and WLFC moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 639.2 %².
Within NBHC's tracked universe of 18 assets, WLFC comes in at #13 by 3-year correlation. The last year tells two different stories: NBHC led by 70.4 percentage points, +7.1% for NBHC against -63.3% for WLFC. One caveat on sizing: WLFC is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WLFC: side by side
| NBHC (National Bank Holdings Corporation) | WLFC (Willis Lease Finance Corporation) | |
|---|---|---|
| 1-year return | +7.1% | -63.3% |
| 5-year return | +26.8% | +47.2% |
| Volatility (ann.) | 25.0% | 61.3% |
| Beta vs S&P 500 | 0.75 | 1.30 |
| Max drawdown (3Y) | -32.9% | -77.4% |
| Market cap | $1.8B | $1.2B |
| P/E (trailing) | 17.4 | 13.8 |
| Dividend yield | 3.07% | 0.88% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBHC | WLFC |
|---|---|---|
| 2022 | -2.2% | +56.7% |
| 2023 | -8.8% | -17.2% |
| 2024 | +19.1% | +327.3% |
| 2025 | -8.9% | -34.5% |
| 2026 | +10.1% | -59.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and WLFC good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NBHC and WLFC?
As of 2026-08-27, the correlation of weekly returns between NBHC and WLFC is 0.42 over 3 years, 0.50 over 1 year and 0.33 over 5 years.
Is WLFC a good diversifier for NBHC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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-wlfc.json
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Related comparisons
Hubs: NBHC correlations · WLFC correlations
