NIC vs TRT: Correlation
How closely do Nicolet Bankshares Inc. (NIC) and Trio-Tech International (TRT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIC and TRT?
Over the past 3 years, NIC and TRT moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -765.3 %².
TRT is close to the least connected end of NIC's tracked universe, ranking #10 of 12. The last year tells two different stories: TRT led by 271.5 percentage points, +24.0% for NIC against +295.5% for TRT. One caveat on sizing: TRT is 3.7 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.
NIC vs TRT: side by side
| NIC (Nicolet Bankshares Inc.) | TRT (Trio-Tech International) | |
|---|---|---|
| 1-year return | +24.0% | +295.5% |
| 5-year return | +131.8% | +365.8% |
| Volatility (ann.) | 29.4% | 107.4% |
| Beta vs S&P 500 | 0.69 | 0.18 |
| Max drawdown (3Y) | -17.9% | -54.6% |
| Market cap | $3.6B | – |
| P/E (trailing) | 19.2 | 209.6 |
| Dividend yield | 0.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIC | TRT |
|---|---|---|
| 2022 | -7.0% | -66.5% |
| 2023 | +1.9% | +12.7% |
| 2024 | +31.9% | +14.6% |
| 2025 | +16.8% | +127.9% |
| 2026 | +42.0% | +58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIC and TRT good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NIC and TRT?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.51 over the last year and -0.11 over 5 years.
Is TRT a good diversifier for NIC?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/nic-vs-trt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nic-vs-trt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NIC correlations · TRT correlations
