National Bank Correlations

NBHC Stock

USD 39.64 0.79 2.03%

The current 90-days correlation between National Bank Holdings and Financial Institutions is 0.76 (i.e., Poor diversification). The correlation of National Bank is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

National Bank Correlation With Market

Very weak diversification

The correlation between National Bank Holdings and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Bank Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in National Bank Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with National Stock

0.94	AX	Axos Financial	Pair Corr
0.86	BY	Byline Bancorp	Pair Corr
0.68	KB	KB Financial Group	Pair Corr
0.82	PB	Prosperity Bancshares	Pair Corr
0.92	RF	Regions Financial	Pair Corr
0.93	VBNK	VersaBank	Pair Corr
0.9	VBTX	Veritex Holdings	Pair Corr
0.61	EFSI	Eagle Financial Services	Pair Corr
0.91	EGBN	Eagle Bancorp	Pair Corr
0.76	WAFD	Washington Federal	Pair Corr
0.65	WASH	Washington Trust Bancorp	Pair Corr
0.87	EQBK	Equity Bancshares,	Pair Corr
0.72	WAFDP	Washington Federal	Pair Corr
0.62	TFINP	Triumph Financial	Pair Corr
0.93	EVBN	Evans Bancorp	Pair Corr
0.85	WMPN	William Penn Bancorp	Pair Corr

Moving against National Stock

0.8	VBFC	Village Bank	Pair Corr
0.79	DB	Deutsche Bank AG	Pair Corr
0.66	TECTP	Tectonic Financial	Pair Corr
0.49	EBMT	Eagle Bancorp Montana	Pair Corr
0.31	ECBK	ECB Bancorp	Pair Corr
0.52	WSBCP	WesBanco	Pair Corr
0.51	KEY-PI	KeyCorp	Pair Corr
0.45	BANC-PF	Banc of California	Pair Corr
0.43	KEY-PL	KeyCorp	Pair Corr

Related Correlations Analysis

	FCCO	CWBC	FFNW	FNWB	HFBL	HMNF	FCAP	OFED	CULL	FISI
FCCO		0.63	0.05	0.75	0.12	0.0	-0.32	0.0	0.0	0.81	FCCO
CWBC	0.63		0.17	0.22	-0.23	0.0	-0.57	0.0	0.0	0.6	CWBC
FFNW	0.05	0.17		0.02	-0.21	0.0	0.07	0.0	0.0	0.08	FFNW
FNWB	0.75	0.22	0.02		0.31	0.0	0.03	0.0	0.0	0.66	FNWB
HFBL	0.12	-0.23	-0.21	0.31		0.0	0.44	0.0	0.0	0.16	HFBL
HMNF	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	HMNF
FCAP	-0.32	-0.57	0.07	0.03	0.44	0.0		0.0	0.0	-0.14	FCAP
OFED	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	OFED
CULL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	CULL
FISI	0.81	0.6	0.08	0.66	0.16	0.0	-0.14	0.0	0.0		FISI
	FCCO	CWBC	FFNW	FNWB	HFBL	HMNF	FCAP	OFED	CULL	FISI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

FISI	+ 0.81	FCCO
FNWB	+ 0.75	FCCO
FISI	+ 0.66	FNWB
CWBC	+ 0.63	FCCO
FISI	+ 0.6	CWBC
FCAP	+ 0.44	HFBL

High negative correlations

FCAP	- 0.57	CWBC
FCAP	- 0.32	FCCO
HFBL	- 0.23	CWBC
HFBL	- 0.21	FFNW
FISI	- 0.14	FCAP
FISI	- 0.0	CULL

Risk-Adjusted Indicators

There is a big difference between National Stock performing well and National Bank Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze National Bank's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FCCO	1.34	(0.15)	0.00	(0.17)	0.00	0.00	3.41	(3.73)	10.26
CWBC	1.03	(0.16)	0.00	(0.22)	0.00	0.00	2.45	(2.17)	6.01
FFNW	0.98	0.05	0.08	(11.71)	1.01	(1.14)	1.17	(1.77)	16.29
FNWB	1.20	(0.01)	0.00	(0.05)	0.00	0.00	2.68	(2.76)	9.99
HFBL	1.61	0.14	0.06	1.05	2.06	(2.10)	5.67	(4.53)	13.32
HMNF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FCAP	1.23	0.42	0.23	0.89	1.24	(1.38)	3.26	(2.28)	10.37
OFED	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CULL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FISI	1.26	(0.09)	0.00	(0.12)	0.00	0.00	2.31	(2.73)	7.14

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