AX vs SLM: Correlation
Measured on weekly returns over the past three years, Axos Financial, Inc. (AX) and SLM Corporation (SLM) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and SLM?
Over the past 3 years, AX and SLM moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 748.5 %².
Among the 15 assets we track against AX, SLM ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AX ahead by 19.3 points (+5.5% versus -13.8%).
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 SLM: side by side
| AX (Axos Financial, Inc.) | SLM (SLM Corporation) | |
|---|---|---|
| 1-year return | +5.5% | -13.8% |
| 5-year return | +99.7% | +62.3% |
| Volatility (ann.) | 38.3% | 33.1% |
| Beta vs S&P 500 | 1.12 | 0.96 |
| Max drawdown (3Y) | -34.9% | -45.1% |
| Market cap | $5.5B | $5.0B |
| P/E (trailing) | 11.6 | 7.5 |
| Dividend yield | 0.00% | 1.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AX | SLM |
|---|---|---|
| 2022 | -31.6% | -13.5% |
| 2023 | +42.9% | +18.7% |
| 2024 | +27.9% | +47.3% |
| 2025 | +23.4% | -0.2% |
| 2026 | +13.0% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and SLM good diversifiers for each other?
Only partially. A correlation of 0.59 means AX and SLM 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 AX and SLM?
As of 2026-08-27, the correlation of weekly returns between AX and SLM is 0.59 over 3 years, 0.56 over 1 year and 0.54 over 5 years.
Is SLM a good diversifier for AX?
Only partially. A correlation of 0.59 means AX and SLM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AX correlations · SLM correlations
