ASB vs CFG: Correlation
How closely do Associated Banc-Corp (ASB) and Citizens Financial Group (CFG) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and CFG?
Across a 3-year window, the weekly returns of ASB and CFG correlate at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Stretching to 5 years gives 0.86, with an annualized covariance of 785.7 %².
By 3-year correlation, CFG places #11 of the 47 assets tracked against ASB. Their recent paths diverged sharply: over the last 12 months CFG outperformed by 20.8 percentage points (+18.5% for ASB against +39.3% for CFG).
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.
ASB vs CFG: side by side
| ASB (Associated Banc-Corp) | CFG (Citizens Financial Group) | |
|---|---|---|
| 1-year return | +18.5% | +39.3% |
| 5-year return | +82.7% | +98.3% |
| Volatility (ann.) | 29.0% | 31.0% |
| Beta vs S&P 500 | 1.03 | 1.16 |
| Max drawdown (3Y) | -31.6% | -29.1% |
| Market cap | $5.8B | $29.6B |
| P/E (trailing) | 10.8 | 15.4 |
| Dividend yield | 3.08% | 2.55% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ASB | CFG |
|---|---|---|
| 2022 | +6.0% | -13.4% |
| 2023 | -2.9% | -11.0% |
| 2024 | +16.2% | +38.0% |
| 2025 | +11.8% | +38.6% |
| 2026 | +21.7% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and CFG good diversifiers for each other?
No. With a correlation of 0.87, ASB and CFG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASB and CFG?
The ASB/CFG correlation stands at 0.87 on a 3-year window (1 year: 0.88, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is CFG a good diversifier for ASB?
No. With a correlation of 0.87, ASB and CFG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 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/asb-vs-cfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asb-vs-cfg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASB correlations · CFG correlations
