AOUT vs AUB: Correlation
Measured on weekly returns over the past three years, American Outdoor Brands, Inc. (AOUT) and Atlantic Union Bankshares Corporation (AUB) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOUT and AUB?
Across a 3-year window, the weekly returns of AOUT and AUB correlate at 0.47, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.47). Stretching to 5 years gives 0.39, with an annualized covariance of 720.6 %².
In AOUT's tracked universe of 10 assets, AUB sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months AUB outperformed by 21.2 percentage points (-2.2% for AOUT against +19.0% for AUB). Note the risk asymmetry: AOUT runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AOUT vs AUB: side by side
| AOUT (American Outdoor Brands, Inc.) | AUB (Atlantic Union Bankshares Corporation) | |
|---|---|---|
| 1-year return | -2.2% | +19.0% |
| 5-year return | -62.4% | +33.7% |
| Volatility (ann.) | 48.7% | 31.5% |
| Beta vs S&P 500 | 0.91 | 1.07 |
| Max drawdown (3Y) | -64.2% | -44.7% |
| Market cap | $0.1B | $5.8B |
| P/E (trailing) | – | 11.9 |
| Dividend yield | 0.00% | 3.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AOUT | AUB |
|---|---|---|
| 2022 | -49.7% | -2.6% |
| 2023 | -16.2% | +8.1% |
| 2024 | +81.4% | +7.5% |
| 2025 | -49.3% | -2.7% |
| 2026 | +34.0% | +18.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOUT and AUB good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AOUT and AUB?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.60 over the last year and 0.39 over 5 years.
Is AUB a good diversifier for AOUT?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AOUT correlations · AUB correlations
