CFG vs WAL: Correlation
Citizens Financial Group (CFG) and Western Alliance Bancorporation (WAL) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and WAL?
Over the past 3 years, CFG and WAL moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 1085.7 %².
Among the 46 assets we track against CFG, WAL ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CFG ahead by 48.6 points (+39.3% versus -9.3%).
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.
CFG vs WAL: side by side
| CFG (Citizens Financial Group) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +39.3% | -9.3% |
| 5-year return | +98.3% | -9.7% |
| Volatility (ann.) | 31.0% | 39.5% |
| Beta vs S&P 500 | 1.16 | 1.51 |
| Max drawdown (3Y) | -29.1% | -36.0% |
| Market cap | $29.6B | $8.6B |
| P/E (trailing) | 15.4 | 9.0 |
| Dividend yield | 2.55% | 2.06% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CFG | WAL |
|---|---|---|
| 2022 | -13.4% | -43.7% |
| 2023 | -11.0% | +14.1% |
| 2024 | +38.0% | +29.7% |
| 2025 | +38.6% | +2.5% |
| 2026 | +22.7% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and WAL good diversifiers for each other?
No. With a correlation of 0.89, CFG and WAL move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CFG and WAL?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.84 over the last year and 0.78 over 5 years.
Is WAL a good diversifier for CFG?
No. With a correlation of 0.89, CFG and WAL move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
On the −1 to +1 scale, 0.89 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.
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Related comparisons
Hubs: CFG correlations · WAL correlations
