BMO vs WAL: Correlation
Bank Of Montreal (BMO) and Western Alliance Bancorporation (WAL) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and WAL?
Across a 3-year window, the weekly returns of BMO and WAL correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 523.6 %².
By 3-year correlation, WAL places #4 of the 11 assets tracked against BMO. Correlation aside, the last 12 months split them widely, with BMO ahead by 56.0 points (+46.7% versus -9.3%). One caveat on sizing: WAL is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BMO vs WAL: side by side
| BMO (Bank Of Montreal) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +46.7% | -9.3% |
| 5-year return | +109.4% | -9.7% |
| Volatility (ann.) | 20.3% | 39.5% |
| Beta vs S&P 500 | 0.75 | 1.51 |
| Max drawdown (3Y) | -17.6% | -36.0% |
| Market cap | $120.0B | $8.6B |
| P/E (trailing) | 19.4 | 9.0 |
| Dividend yield | 3.86% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | WAL |
|---|---|---|
| 2022 | -12.4% | -43.7% |
| 2023 | +14.6% | +14.1% |
| 2024 | +3.0% | +29.7% |
| 2025 | +38.3% | +2.5% |
| 2026 | +34.6% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and WAL good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BMO and WAL?
As of 2026-08-27, the correlation of weekly returns between BMO and WAL is 0.65 over 3 years, 0.58 over 1 year and 0.57 over 5 years.
Is WAL a good diversifier for BMO?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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.
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Related comparisons
Hubs: BMO correlations · WAL correlations
