BSAC vs EMBJ: Correlation
Measured on weekly returns over the past three years, Banco Santander - Chile (BSAC) and Embraer S.A. (EMBJ) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSAC and EMBJ?
Over the past 3 years, BSAC and EMBJ moved with a correlation of 0.45, which is moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.45). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 491.3 %².
Within BSAC's tracked universe of 15 assets, EMBJ comes in at #9 by 3-year correlation. The last year tells two different stories: BSAC led by 18.9 percentage points, +54.5% for BSAC against +35.6% for EMBJ. One caveat on sizing: EMBJ is 1.6 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.
BSAC vs EMBJ: side by side
| BSAC (Banco Santander - Chile) | EMBJ (Embraer S.A.) | |
|---|---|---|
| 1-year return | +54.5% | +35.6% |
| 5-year return | +119.0% | +327.0% |
| Volatility (ann.) | 25.9% | 41.9% |
| Beta vs S&P 500 | 0.63 | 0.91 |
| Max drawdown (3Y) | -18.4% | -32.6% |
| Market cap | $16.4B | $13.4B |
| P/E (trailing) | 13.4 | 30.5 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSAC | EMBJ |
|---|---|---|
| 2022 | +3.0% | -38.4% |
| 2023 | +31.7% | +68.8% |
| 2024 | +0.9% | +98.8% |
| 2025 | +74.3% | +75.7% |
| 2026 | +17.7% | +17.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSAC and EMBJ good diversifiers for each other?
Reasonably. At 0.45, BSAC and EMBJ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BSAC and EMBJ?
As of 2026-08-27, the correlation of weekly returns between BSAC and EMBJ is 0.45 over 3 years, 0.68 over 1 year and 0.32 over 5 years.
Is EMBJ a good diversifier for BSAC?
Reasonably. At 0.45, BSAC and EMBJ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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: BSAC correlations · EMBJ correlations
