CFG vs ZION: Correlation
How closely do Citizens Financial Group (CFG) and Zions Bancorporation N.A. (ZION) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and ZION?
Over the past 3 years, CFG and ZION moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.90) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 1000.9 %².
Within CFG's tracked universe of 46 assets, ZION comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CFG ahead by 18.6 points (+39.3% versus +20.7%).
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 ZION: side by side
| CFG (Citizens Financial Group) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +39.3% | +20.7% |
| 5-year return | +98.3% | +41.1% |
| Volatility (ann.) | 31.0% | 35.5% |
| Beta vs S&P 500 | 1.16 | 1.29 |
| Max drawdown (3Y) | -29.1% | -32.4% |
| Market cap | $29.6B | $9.9B |
| P/E (trailing) | 15.4 | 8.7 |
| Dividend yield | 2.55% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CFG | ZION |
|---|---|---|
| 2022 | -13.4% | -20.0% |
| 2023 | -11.0% | -6.3% |
| 2024 | +38.0% | +28.2% |
| 2025 | +38.6% | +11.6% |
| 2026 | +22.7% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and ZION good diversifiers for each other?
No: a correlation of 0.91 means CFG and ZION tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CFG and ZION?
The CFG/ZION correlation stands at 0.91 on a 3-year window (1 year: 0.90, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for CFG?
No: a correlation of 0.91 means CFG and ZION tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cfg-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cfg-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CFG correlations · ZION correlations
