AX vs BY: Correlation
Axos Financial, Inc. (AX) and Byline Bancorp, Inc. (BY) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and BY?
Across a 3-year window, the weekly returns of AX and BY correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 851.3 %².
Few assets follow AX as closely as BY, which ranks #3 of 15 tracked partners. The last year tells two different stories: BY led by 27.0 percentage points, +5.5% for AX against +32.5% for BY.
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.
AX vs BY: side by side
| AX (Axos Financial, Inc.) | BY (Byline Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +5.5% | +32.5% |
| 5-year return | +99.7% | +66.2% |
| Volatility (ann.) | 38.3% | 26.8% |
| Beta vs S&P 500 | 1.12 | 0.80 |
| Max drawdown (3Y) | -34.9% | -27.2% |
| Market cap | $5.5B | $1.7B |
| P/E (trailing) | 11.6 | 11.5 |
| Dividend yield | 0.00% | 1.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AX | BY |
|---|---|---|
| 2022 | -31.6% | -14.7% |
| 2023 | +42.9% | +4.3% |
| 2024 | +27.9% | +25.0% |
| 2025 | +23.4% | +2.0% |
| 2026 | +13.0% | +32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and BY good diversifiers for each other?
No: a correlation of 0.83 means AX and BY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AX and BY?
The AX/BY correlation stands at 0.83 on a 3-year window (1 year: 0.77, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is BY a good diversifier for AX?
No: a correlation of 0.83 means AX and BY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
A reading of 0.83 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/ax-vs-by.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ax-vs-by/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AX correlations · BY correlations
