ASB vs UMBF: Correlation
Measured on weekly returns over the past three years, Associated Banc-Corp (ASB) and UMB Financial Corporation (UMBF) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and UMBF?
Across a 3-year window, the weekly returns of ASB and UMBF correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 719.5 %².
Within ASB's tracked universe of 47 assets, UMBF comes in at #14 by 3-year correlation. Neither side won the trailing year by much: +18.5% against +19.2%.
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 UMBF: side by side
| ASB (Associated Banc-Corp) | UMBF (UMB Financial Corporation) | |
|---|---|---|
| 1-year return | +18.5% | +19.2% |
| 5-year return | +82.7% | +73.4% |
| Volatility (ann.) | 29.0% | 28.4% |
| Beta vs S&P 500 | 1.03 | 1.01 |
| Max drawdown (3Y) | -31.6% | -31.8% |
| Market cap | $5.8B | $11.0B |
| P/E (trailing) | 10.8 | 11.9 |
| Dividend yield | 3.08% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASB | UMBF |
|---|---|---|
| 2022 | +6.0% | -20.0% |
| 2023 | -2.9% | +2.2% |
| 2024 | +16.2% | +37.3% |
| 2025 | +11.8% | +3.4% |
| 2026 | +21.7% | +26.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and UMBF good diversifiers for each other?
No: a correlation of 0.87 means ASB and UMBF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ASB and UMBF?
As of 2026-08-27, the correlation of weekly returns between ASB and UMBF is 0.87 over 3 years, 0.89 over 1 year and 0.82 over 5 years.
Is UMBF a good diversifier for ASB?
No: a correlation of 0.87 means ASB and UMBF tend to fall together, which is precisely when diversification is supposed to help.
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-umbf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asb-vs-umbf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASB correlations · UMBF correlations
