NWBI vs SPFI: Correlation
Measured on weekly returns over the past three years, Northwest Bancshares, Inc. (NWBI) and South Plains Financial, Inc. (SPFI) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWBI and SPFI?
Across a 3-year window, the weekly returns of NWBI and SPFI correlate at 0.81, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 555.6 %².
By 3-year correlation, SPFI places #16 of the 37 assets tracked against NWBI. The last year tells two different stories: NWBI led by 20.0 percentage points, +27.7% for NWBI against +7.7% for SPFI.
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.
NWBI vs SPFI: side by side
| NWBI (Northwest Bancshares, Inc.) | SPFI (South Plains Financial, Inc.) | |
|---|---|---|
| 1-year return | +27.7% | +7.7% |
| 5-year return | +62.0% | +108.3% |
| Volatility (ann.) | 24.9% | 27.6% |
| Beta vs S&P 500 | 0.60 | 0.61 |
| Max drawdown (3Y) | -26.6% | -23.8% |
| Market cap | $2.2B | $0.8B |
| P/E (trailing) | 14.9 | 11.9 |
| Dividend yield | 5.22% | 1.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWBI | SPFI |
|---|---|---|
| 2022 | +4.6% | +0.7% |
| 2023 | -4.4% | +7.4% |
| 2024 | +12.7% | +22.2% |
| 2025 | -2.9% | +13.6% |
| 2026 | +33.2% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWBI and SPFI good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NWBI and SPFI?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.76 over the last year and 0.74 over 5 years.
Is SPFI a good diversifier for NWBI?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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/nwbi-vs-spfi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwbi-vs-spfi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NWBI correlations · SPFI correlations
