CFR vs PKG: Correlation
How closely do Cullen/Frost Bankers, Inc. (CFR) and Packaging Corporation of America (PKG) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFR and PKG?
Over the past 3 years, CFR and PKG moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 329.2 %².
By 3-year correlation, PKG places #7 of the 12 assets tracked against CFR. The trailing year gives CFR the advantage: +26.1% versus +18.5%, a 7.6-point spread.
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.
CFR vs PKG: side by side
| CFR (Cullen/Frost Bankers, Inc.) | PKG (Packaging Corporation of America) | |
|---|---|---|
| 1-year return | +26.1% | +18.5% |
| 5-year return | +64.2% | +86.8% |
| Volatility (ann.) | 25.6% | 23.5% |
| Beta vs S&P 500 | 0.76 | 0.52 |
| Max drawdown (3Y) | -26.5% | -28.4% |
| Market cap | $10.0B | $21.7B |
| P/E (trailing) | 15.4 | 31.6 |
| Dividend yield | 2.47% | 2.13% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CFR | PKG |
|---|---|---|
| 2022 | +8.7% | -2.6% |
| 2023 | -16.1% | +31.9% |
| 2024 | +27.9% | +41.7% |
| 2025 | -2.8% | -6.1% |
| 2026 | +29.3% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFR and PKG good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CFR and PKG?
As of 2026-08-27, the correlation of weekly returns between CFR and PKG is 0.55 over 3 years, 0.47 over 1 year and 0.41 over 5 years.
Is PKG a good diversifier for CFR?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cfr-vs-pkg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cfr-vs-pkg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CFR correlations · PKG correlations
