NTB vs TDAY: Correlation
Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and USA TODAY Co., Inc. (TDAY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and TDAY?
Over the past 3 years, NTB and TDAY moved with a correlation of 0.37, which is moderate. The past 12 months show a tighter link (0.53) than the 3-year average (0.37). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 509.2 %².
Out of 12 assets tracked against NTB, TDAY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with TDAY ahead by 22.1 points (+34.0% versus +56.1%). Risk is not evenly split, since TDAY carries 2.5 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.
NTB vs TDAY: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | TDAY (USA TODAY Co., Inc.) | |
|---|---|---|
| 1-year return | +34.0% | +56.1% |
| 5-year return | +125.2% | -0.3% |
| Volatility (ann.) | 23.5% | 58.6% |
| Beta vs S&P 500 | 0.71 | 0.79 |
| Max drawdown (3Y) | -14.7% | -54.6% |
| Market cap | $2.3B | $0.9B |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 3.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTB | TDAY |
|---|---|---|
| 2022 | -17.5% | -61.9% |
| 2023 | +14.3% | +13.3% |
| 2024 | +20.2% | +120.0% |
| 2025 | +41.0% | +1.8% |
| 2026 | +21.9% | +24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and TDAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NTB and TDAY?
The NTB/TDAY correlation stands at 0.37 on a 3-year window (1 year: 0.53, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is TDAY a good diversifier for NTB?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntb-vs-tday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ntb-vs-tday/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NTB correlations · TDAY correlations
