NBHC vs. FSBW

Last updated Jun 3, 2026

NBHC (National Bank Holdings Corporation) and FSBW (FS Bancorp, Inc.) are both stocks. Both operate in the Banks - Regional industry within the Financial Services sector. Over the past 10 years, NBHC returned 9.53%/yr vs 14.89%/yr for FSBW. At a 0.37 correlation, their price movements are largely independent.

Performance

NBHC vs. FSBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in National Bank Holdings Corporation (NBHC) and FS Bancorp, Inc. (FSBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBHC achieves a 11.87% return, which is significantly higher than FSBW's -0.83% return. Over the past 10 years, NBHC has underperformed FSBW with an annualized return of 9.53%, while FSBW has yielded a comparatively higher 14.89% annualized return.

NBHC

• 1D: 1.63%
• 1M: -2.04%
• YTD: 11.87%
• 6M: 13.37%
• 1Y: 20.15%
• 3Y*: 11.50%
• 5Y*: 3.80%
• 10Y*: 9.53%

FSBW

• 1D: -1.11%
• 1M: -0.58%
• YTD: -0.83%
• 6M: 2.12%
• 1Y: 9.15%
• 3Y*: 13.41%
• 5Y*: 5.71%
• 10Y*: 14.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NBHC vs. FSBW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBHC National Bank Holdings Corporation	11.87%	-8.94%	19.11%	-8.81%	-2.16%	37.06%	-4.50%	16.56%	-3.44%	2.77%
FSBW FS Bancorp, Inc.	-0.83%	3.75%	14.30%	14.11%	2.42%	24.78%	-12.42%	50.66%	-20.65%	53.26%

Correlation

The correlation between NBHC and FSBW is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 21, 2012	0.37

The correlation between NBHC and FSBW shifts across timeframes, from 0.37 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS NBHC : $3.71 FSBW : $5.75
PE Ratio NBHC : 11.29 FSBW : 7.00
PEG Ratio NBHC : 2.58 FSBW : 14.41
PS Ratio NBHC : 2.00 FSBW : 1.08
Total Revenue (TTM) NBHC : $598.85M FSBW : $215.48M
Gross Profit (TTM) NBHC : $313.20M FSBW : $110.78M
EBITDA (TTM) NBHC : $128.33M FSBW : $43.16M

Return for Risk

NBHC vs. FSBW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NBHC

NBHC Risk / Return Rank: 63
NBHC Sharpe Ratio Rank: 65
NBHC Sortino Ratio Rank: 60
NBHC Omega Ratio Rank: 58
NBHC Calmar Ratio Rank: 66
NBHC Martin Ratio Rank: 66

FSBW

FSBW Risk / Return Rank: 50
FSBW Sharpe Ratio Rank: 52
FSBW Sortino Ratio Rank: 47
FSBW Omega Ratio Rank: 44
FSBW Calmar Ratio Rank: 53
FSBW Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBHC vs. FSBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank Holdings Corporation (NBHC) and FS Bancorp, Inc. (FSBW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NBHC	FSBW	Difference
Sharpe ratio Return per unit of total volatility	0.79	0.33	+0.45
Sortino ratio Return per unit of downside risk	1.27	0.74	+0.53
Omega ratio Gain probability vs. loss probability	1.16	1.08	+0.08
Calmar ratio Return relative to maximum drawdown	1.36	0.56	+0.79
Martin ratio Return relative to average drawdown	3.06	1.31	+1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBHC vs. FSBW - Sharpe Ratio Comparison

The current NBHC Sharpe Ratio is 0.79, which is higher than the FSBW Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of NBHC and FSBW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NBHC	FSBW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.33	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.20	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.44	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.61	-0.34

Drawdowns

NBHC vs. FSBW - Drawdown Comparison

The maximum NBHC drawdown since its inception was -48.43%, smaller than the maximum FSBW drawdown of -53.96%. Use the drawdown chart below to compare losses from any high point for NBHC and FSBW.

Drawdown Indicators

	NBHC	FSBW	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-53.96%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-15.02%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-32.94%	-26.09%	-6.85%
Max Drawdown (5Y) Largest decline over 5 years	-43.64%	-28.66%	-14.98%
Max Drawdown (10Y) Largest decline over 10 years	-48.43%	-53.96%	+5.53%
Current Drawdown Current decline from peak	-13.88%	-13.47%	-0.41%
Average Drawdown Average peak-to-trough decline	-13.33%	-10.53%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	6.45%	-0.08%

Volatility

NBHC vs. FSBW - Volatility Comparison

The current volatility for National Bank Holdings Corporation (NBHC) is 5.26%, while FS Bancorp, Inc. (FSBW) has a volatility of 5.67%. This indicates that NBHC experiences smaller price fluctuations and is considered to be less risky than FSBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBHC	FSBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	5.67%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	18.61%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	25.74%	27.46%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.67%	29.26%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.37%	33.67%	-2.30%

Dividends

NBHC vs. FSBW - Dividend Comparison

NBHC's dividend yield for the trailing twelve months is around 2.99%, less than FSBW's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSBW FS Bancorp, Inc.	3.38%	3.25%	2.58%	2.71%	2.69%	1.65%	1.53%	1.02%	1.24%	0.79%	1.03%	1.04%
NBHC National Bank Holdings Corporation	2.99%	3.16%	2.60%	2.80%	2.23%	1.98%	2.44%	2.13%	1.75%	1.05%	0.69%	0.94%

Financials

NBHC vs. FSBW - Profitability Comparison

The chart below illustrates the profitability comparison between National Bank Holdings Corporation and FS Bancorp, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NBHC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank Holdings Corporation reported a gross profit of 0.00 and revenue of 159.15M. Therefore, the gross margin over that period was 0.0%.

FSBW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, FS Bancorp, Inc. reported a gross profit of 0.00 and revenue of 49.33M. Therefore, the gross margin over that period was 0.0%.

NBHC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank Holdings Corporation reported an operating income of 0.00 and revenue of 159.15M, resulting in an operating margin of 0.0%.

FSBW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, FS Bancorp, Inc. reported an operating income of 0.00 and revenue of 49.33M, resulting in an operating margin of 0.0%.

NBHC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank Holdings Corporation reported a net income of 20.79M and revenue of 159.15M, resulting in a net margin of 13.1%.

FSBW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, FS Bancorp, Inc. reported a net income of 7.83M and revenue of 49.33M, resulting in a net margin of 15.9%.

Frequently Asked Questions

Can I hold both NBHC and FSBW in my portfolio?

NBHC and FSBW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBHC or FSBW?

FSBW has higher volatility (5.67%) compared to NBHC (5.26%). In terms of maximum drawdown, NBHC dropped -48.43% vs FSBW's -53.96%.

Which has better risk-adjusted returns?

NBHC currently has the higher Sharpe Ratio (0.79 vs 0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.