ASB vs PNC: Correlation
How closely do Associated Banc-Corp (ASB) and PNC Financial Services (PNC) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and PNC?
Over the past 3 years, ASB and PNC moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 651.9 %².
Within ASB's tracked universe of 47 assets, PNC comes in at #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.5% for ASB and +22.1% for PNC.
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 PNC: side by side
| ASB (Associated Banc-Corp) | PNC (PNC Financial Services) | |
|---|---|---|
| 1-year return | +18.5% | +22.1% |
| 5-year return | +82.7% | +53.5% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 1.03 | 0.92 |
| Max drawdown (3Y) | -31.6% | -29.8% |
| Market cap | $5.8B | $97.1B |
| P/E (trailing) | 10.8 | 13.5 |
| Dividend yield | 3.08% | 2.78% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ASB | PNC |
|---|---|---|
| 2022 | +6.0% | -18.6% |
| 2023 | -2.9% | +2.7% |
| 2024 | +16.2% | +29.4% |
| 2025 | +11.8% | +12.2% |
| 2026 | +21.7% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and PNC good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASB and PNC?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.87 over the last year and 0.83 over 5 years.
Is PNC a good diversifier for ASB?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 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-pnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asb-vs-pnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASB correlations · PNC correlations
