NWFL vs SHBI: Correlation
Measured on weekly returns over the past three years, Norwood Financial Corp. (NWFL) and Shore Bancshares, Inc. (SHBI) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWFL and SHBI?
Across a 3-year window, the weekly returns of NWFL and SHBI correlate at 0.75, strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.75 over 3. Stretching to 5 years gives 0.68, with an annualized covariance of 769.5 %².
SHBI is one of the assets that tracks NWFL most closely: it ranks #2 out of the 13 assets we track against NWFL. Their 12-month results are close: +34.3% for NWFL against +37.7% for SHBI.
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.
NWFL vs SHBI: side by side
| NWFL (Norwood Financial Corp.) | SHBI (Shore Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +34.3% | +37.7% |
| 5-year return | +65.8% | +51.7% |
| Volatility (ann.) | 31.4% | 32.6% |
| Beta vs S&P 500 | 0.64 | 0.89 |
| Max drawdown (3Y) | -33.6% | -31.9% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | 11.7 | 11.7 |
| Dividend yield | 3.78% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWFL | SHBI |
|---|---|---|
| 2022 | +34.1% | -14.4% |
| 2023 | +2.4% | -15.1% |
| 2024 | -13.6% | +15.6% |
| 2025 | +8.4% | +15.0% |
| 2026 | +25.3% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWFL and SHBI good diversifiers for each other?
Only partially. A correlation of 0.75 means NWFL and SHBI 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 NWFL and SHBI?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.78 over the last year and 0.68 over 5 years.
Is SHBI a good diversifier for NWFL?
Only partially. A correlation of 0.75 means NWFL and SHBI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 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.
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Related comparisons
Hubs: NWFL correlations · SHBI correlations
