ASB vs CFR: Correlation
Measured on weekly returns over the past three years, Associated Banc-Corp (ASB) and Cullen/Frost Bankers, Inc. (CFR) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and CFR?
On 3 years of weekly data the ASB/CFR correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 631.4 %².
Among the 47 assets we track against ASB, CFR ranks #18 by 3-year correlation. On 12-month performance CFR holds a 7.6-point edge, +18.5% against +26.1%.
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 CFR: side by side
| ASB (Associated Banc-Corp) | CFR (Cullen/Frost Bankers, Inc.) | |
|---|---|---|
| 1-year return | +18.5% | +26.1% |
| 5-year return | +82.7% | +64.2% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 1.03 | 0.76 |
| Max drawdown (3Y) | -31.6% | -26.5% |
| Market cap | $5.8B | $10.0B |
| P/E (trailing) | 10.8 | 15.4 |
| Dividend yield | 3.08% | 2.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | CFR |
|---|---|---|
| 2022 | +6.0% | +8.7% |
| 2023 | -2.9% | -16.1% |
| 2024 | +16.2% | +27.9% |
| 2025 | +11.8% | -2.8% |
| 2026 | +21.7% | +29.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and CFR good diversifiers for each other?
No. With a correlation of 0.85, ASB and CFR move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASB and CFR?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.82 over the last year and 0.80 over 5 years.
Is CFR a good diversifier for ASB?
No. With a correlation of 0.85, ASB and CFR move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 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-cfr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asb-vs-cfr/)
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Related comparisons
Hubs: ASB correlations · CFR correlations
