ASB vs CPAY: Correlation
Measured on weekly returns over the past three years, Associated Banc-Corp (ASB) and Corpay (CPAY) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and CPAY?
Across a 3-year window, the weekly returns of ASB and CPAY correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 572.8 %².
By 3-year correlation, CPAY places #32 of the 47 assets tracked against ASB. The trailing year gives CPAY the advantage: +18.5% versus +24.1%, a 5.6-point spread.
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 CPAY: side by side
| ASB (Associated Banc-Corp) | CPAY (Corpay) | |
|---|---|---|
| 1-year return | +18.5% | +24.1% |
| 5-year return | +82.7% | +55.2% |
| Volatility (ann.) | 29.0% | 31.7% |
| Beta vs S&P 500 | 1.03 | 1.22 |
| Max drawdown (3Y) | -31.6% | -34.5% |
| Market cap | $5.8B | $26.5B |
| P/E (trailing) | 10.8 | 24.7 |
| Dividend yield | 3.08% | 0.00% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ASB | CPAY |
|---|---|---|
| 2022 | +6.0% | -17.9% |
| 2023 | -2.9% | +53.9% |
| 2024 | +16.2% | +19.7% |
| 2025 | +11.8% | -11.1% |
| 2026 | +21.7% | +34.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and CPAY good diversifiers for each other?
Only partially. A correlation of 0.62 means ASB and CPAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASB and CPAY?
As of 2026-08-27, the correlation of weekly returns between ASB and CPAY is 0.62 over 3 years, 0.53 over 1 year and 0.54 over 5 years.
Is CPAY a good diversifier for ASB?
Only partially. A correlation of 0.62 means ASB and CPAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asb-vs-cpay.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asb-vs-cpay/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASB correlations · CPAY correlations
