BMO vs ZION: Correlation
Measured on weekly returns over the past three years, Bank Of Montreal (BMO) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and ZION?
Across a 3-year window, the weekly returns of BMO and ZION correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 470.5 %².
Within BMO's tracked universe of 11 assets, ZION comes in at #5 by 3-year correlation. The last year tells two different stories: BMO led by 26.0 percentage points, +46.7% for BMO against +20.7% for ZION. One caveat on sizing: ZION is 1.7 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 ZION: side by side
| BMO (Bank Of Montreal) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +46.7% | +20.7% |
| 5-year return | +109.4% | +41.1% |
| Volatility (ann.) | 20.3% | 35.5% |
| Beta vs S&P 500 | 0.75 | 1.29 |
| Max drawdown (3Y) | -17.6% | -32.4% |
| Market cap | $120.0B | $9.9B |
| P/E (trailing) | 19.4 | 8.7 |
| Dividend yield | 3.86% | 2.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | ZION |
|---|---|---|
| 2022 | -12.4% | -20.0% |
| 2023 | +14.6% | -6.3% |
| 2024 | +3.0% | +28.2% |
| 2025 | +38.3% | +11.6% |
| 2026 | +34.6% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and ZION good diversifiers for each other?
Only partially. A correlation of 0.65 means BMO and ZION 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 BMO and ZION?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.62 over the last year and 0.60 over 5 years.
Is ZION a good diversifier for BMO?
Only partially. A correlation of 0.65 means BMO and ZION share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmo-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bmo-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMO correlations · ZION correlations
