SHBI vs WSBF: Correlation
Measured on weekly returns over the past three years, Shore Bancshares, Inc. (SHBI) and Waterstone Financial, Inc. (WSBF) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHBI and WSBF?
Across a 3-year window, the weekly returns of SHBI and WSBF correlate at 0.77, strong. The past 12 months show a weaker link (0.64) than the 3-year average (0.77). Stretching to 5 years gives 0.66, with an annualized covariance of 655.5 %².
By 3-year correlation, WSBF places #17 of the 35 assets tracked against SHBI. On 12-month performance WSBF holds a 12.2-point edge, +37.7% against +49.9%.
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.
SHBI vs WSBF: side by side
| SHBI (Shore Bancshares, Inc.) | WSBF (Waterstone Financial, Inc.) | |
|---|---|---|
| 1-year return | +37.7% | +49.9% |
| 5-year return | +51.7% | +33.3% |
| Volatility (ann.) | 32.6% | 26.2% |
| Beta vs S&P 500 | 0.89 | 0.61 |
| Max drawdown (3Y) | -31.9% | -26.5% |
| Market cap | $0.8B | $0.4B |
| P/E (trailing) | 11.7 | 12.1 |
| Dividend yield | 2.16% | 3.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SHBI | WSBF |
|---|---|---|
| 2022 | -14.4% | -15.8% |
| 2023 | -15.1% | -13.1% |
| 2024 | +15.6% | -0.9% |
| 2025 | +15.0% | +28.8% |
| 2026 | +32.2% | +30.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHBI and WSBF good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SHBI and WSBF?
As of 2026-08-27, the correlation of weekly returns between SHBI and WSBF is 0.77 over 3 years, 0.64 over 1 year and 0.66 over 5 years.
Is WSBF a good diversifier for SHBI?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 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/shbi-vs-wsbf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shbi-vs-wsbf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHBI correlations · WSBF correlations
